EcoStim achieves record production level in June for its U.S. “super-fleet”
HOUSTON, TEXAS, July 02, 2018 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) (“EcoStim” or the “Company”) announced today that it has completed a Company record number of frac stages in the month of June 2018 following the implementation of its collaborative “super-fleet” concept. Since combining EcoStim’s best operational personnel and assets, and adopting the efficiency driven processes around its “super-fleet” concept on May 30, 2018, EcoStim has completed over 140 frac stages, including a new record of 130 stages during the month of June 2018. This production exceeded EcoStim’s previous monthly record of 99 stages which was accomplished during April 2018, an increase of 31%.
Barry Ekstrand, EcoStim’s Chief Operations Officer, stated, “While this level of efficiency is a significant improvement over our previous record, what is more impressive is that each of the wells completed during June were single well pads which required a rig down/rig up process between each pad. As we move forward, we expect to see more multi-well pads and as we strive for even better efficiencies, we expect to work in close collaboration with our customer and other third-party suppliers.”
J. Chris Boswell, EcoStim’s Chief Executive Officer, added “I am very proud of our entire team as they have fully embraced our super-fleet concept and executed on our plan to improve the efficiency of our operations. We intend to work hard to continue driving completion efficiencies to new levels.”
About the Company
EcoStim is an environmentally focused oilfield service and technology company offering well stimulation and completion services and field management technologies to oil and gas producers drilling in the U.S. and international unconventional shale markets. In addition to conventional pumping equipment, EcoStim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions and surface footprint.
Certain statements and information in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “will,” “could” “offer to” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company is preparing for, plans, expects, believes or anticipates will or may occur in the future are forward-looking statements. Examples of forward-looking statements include, but are not limited to, the Company’s statements made relating to (i) the future efficiency of the Company’s operations; (ii) the Company’s strategic plan to operate a “super-fleet” in its U.S. operations; and (iii) the expected opportunity to work on more multi-well pads in the future. These statements are based on certain assumptions made by the Company based on management's experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.
For additional information regarding known material factors that could cause our actual results to differ materially from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Investors should carefully consider the risk factors included in our filings, and should keep in mind the cautionary statements in this press release and in our filings.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Contact: Jeffrey Freedman, Investor Relations email@example.com 281-531-7200
Released July 2, 2018