CALGARY, ALBERTA--(Marketwired - Aug. 3, 2016) - Ceiba Energy Services Inc. ("Ceiba" or the "Company") (TSX VENTURE:CEB), a growing environmental fluids processing and disposal company, is pleased to provide an operational update on its new facility construction and a preliminary update on received volumes for the Company's second quarter.
The Company has initiated civil work for the Kaybob facility that will expand its western Alberta presence and attract new waste fluid volumes in areas less affected by the current downturn in commodity prices. The Kaybob facility will be the second deep well injection facility planned for commissioning in 2016 with the ability to handle higher margin Class 1B waste water streams. Strategically located in the Fox Creek area of Alberta, the facility is in close proximity to customers actively producing from and drilling in liquids-rich Montney and Duvernay formations.
In the second quarter of 2016, Ceiba received 100,000 m3 of fluid, a 39% volume increase compared to the first quarter of 2016, excluding Kinsella terminalling volumes. Volumes received in Q2 2016 increased 28% compared to the same quarter in 2015, excluding Kinsella, primarily as a result of the construction of three new facilities. The Athabasca facility, which opened as scheduled in the first quarter of the year, contributed to over 20% of the Company's disposal volumes in Q2.
About Ceiba Energy Services Inc.
Ceiba provides specialized services to the energy sector, specifically to companies involved in the exploration, extraction and production of oil and natural gas in Western Canada. Ceiba develops and constructs facilities in proximity to its customers to provide treatment of crude oil emulsion, terminalling, storage and marketing of oil and disposal of production water.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release.
Certain information regarding Ceiba in this news release, including management's assessment of its future development plans and access to various external sources of capital, may constitute forward looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with facility construction and oilfield services operations, general risks associated with oil and gas exploration, development, production, marketing and disposal of waste, loss of markets, environmental risks, competition from other service providers, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Ceiba's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements or information contained in this news release are made as of the date hereof and Ceiba does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.