HOUSTON, TX and NEUQUEN CITY, ARGENTINA--(Marketwired - Aug 8, 2016) - Eco-Stim Energy Solutions, Inc. ("EcoStim" or "the Company"), (NASDAQ: ESES) today announced that the Company's recent shipment of equipment including its turbine powered pumping units (TPU's) and several pieces of supporting equipment have now cleared customs in Argentina and all equipment with the exception of the TPU's have now arrived at the Company's base in Neuquén City, Argentina. The TPU's have been delivered to the Company's local equipment partner in Mar Del Plata, Argentina to undergo some minor modifications before moving to the Company's base in Neuquén later this month or in September. The Company's local equipment partner is also expected to help facilitate training, further commissioning and will assist the Company technically on the next generation of TPU technology. The equipment in Neuquén will now be readied for customer inspection and operational start up alongside the Company's existing equipment package.
Paula Bertoglio, Manager Corporate Business Development, stated, "We are very excited to have this next set of equipment in country and are anxious to expand our footprint in the region and provide services to additional customers. EcoStim is investing heavily in the province of Neuquén and is also working with local companies to manufacture additional quality equipment".
J. Chris Boswell, EcoStim's President and CEO stated, "This is a major milestone for the Company and we are thrilled about getting our second operation underway in one of the world's most important shale basins. I can't say enough about the teamwork demonstrated on this effort and over the past two years despite the challenging and changing industry conditions. This achievement is a tribute to our entire team and we are very excited for the future."
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 markets. 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.
Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These Include the factors discussed or referenced in the "Risk Factors" section of the Company's 10-K filed with the Securities and Exchange Commission on March 28, 2014 and risks relating to expected continued development of fracturing operations and unconventional activity in Argentina; expected financial results for past and future periods; the effects of government regulation, permitting and other legal requirements, including new legislation or regulation of hydraulic fracturing; drilling and operating risks; the adequacy of the Company's resources and liquidity; difficult and adverse conditions In the domestic and global capital and credit markets; risks related to the concentration of our operations in South America; shortages of oilfield and well stimulation service equipment, services and qualified personnel and increases in costs for such equipment, services and personnel; uncertainties about the Company's ability to successfully execute its business and financial plans and strategies; general economic and business conditions, either internationally or domestically or In the Jurisdictions In which the Company operates; competition in the oil and natural gas industry; uncertainty concerning the Company's assumed or possible future results of operations; the Company's existing indebtedness; and other important factors that could cause actual results to differ materially from those projected.
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.