HOUSTON and NEUQUEN CITY, Argentina, Feb. 4, 2015 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. (OTC:ESES) ("EcoStim" or the "Company") announced today that since the Company's equipment became operational in mid-December, over one million dollars in oilfield service revenue has been generated, while executing stimulation jobs for three separate customers. The work involved on these jobs took approximately 7 days in the field to complete. Presently, the Company is in the process of qualifying for several additional customers, and further work under the Company's previously announced contract is expected to continue in February or early March. As such, management expects that the utilization of our well stimulation fleet will improve with a corresponding increase in revenue.
J. Chris Boswell, the Company's President and Chief Executive Officer stated, "We have worked as a team for a long time to put the pieces in place to achieve this milestone. It is a tribute to the EcoStim team that we were able to identify and qualify for these customers and I believe there will be more qualifications soon. Essentially, EcoStim has now successfully started an operation with an excellent team and some of the best equipment in the country. As Argentina strives for energy independence, YPF and other operators are expected to continue drilling and completing wells both in conventional and unconventional plays in order to boost production. As the Vaca Muerta field begins to grow, we feel EcoStim is well positioned to support the customers in the region with great service and innovative technology."
Miguel Di Vincenzo, Vice President of Global Sales & Technology for EcoStim stated, "We are very excited to hit this milestone. There have been many challenges so far but with oil prices in Argentina fixed at $77 per barrel and new natural gas production qualifying for $7.50 per unit, we see a continued strong level of activity in the region which we believe will allow us to grow. I can't say enough about the team we have put together, their dedication to customer service, their desire to identify and work with exciting new technologies and their belief in each other."
Jorge Robles, Director of Sales for EcoStim Energy Solutions Argentina, commented, "We expect the well stimulation market in Argentina to be relatively stable in the unconventional plays and expect a good level of utilization in the conventional spot or "on-call" market as we continue to work with customers who are in need of quality service with excellent equipment. January was our first full month of availability and therefore a relatively low utilization month; however our three customers have provided extremely good feedback regarding the quality of our services. In addition, we have now been qualified by two additional customers and are in discussion with several others. As a result of this increasing customer interest, we expect that our equipment utilization will steadily improve throughout the year."
About the Company
Eco-Stim Energy Solutions is an environmentally focused oilfield service and technology company providing proprietary field management technologies and well stimulation and completion services to oil and gas producers drilling in the rapidly expanding international unconventional shale market. EcoStim's proprietary methodology and technology offers the potential to decrease the number of stages stimulated in shale plays through a unique process that predicts high probability production zones while confirming those production zones using the latest generation down-hole diagnostic tools. In addition, EcoStim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions, surface footprint and water usage. EcoStim seeks to deliver well completion services with better technology, better ecology and significantly improved economics for unconventional oil and gas producers worldwide
The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. 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. Any forward-looking statement speaks only as of the date on which such statement is made, and 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.
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Source:Eco-Stim Energy Solutions, Inc.