CALGARY, ALBERTA--(Marketwired - Dec. 5, 2013) - Formation Fluid Management Inc. (TSX VENTURE:FFM) ("Formation Fluid" or the "Company") is pleased to announce that its September 30, 2013 quarterly financial statements reported an operating profit in excess of $1.37 million on revenues of $2.55 million. The Company's full financial statements and management discussion and analysis are available online at SEDAR at www.sedar.com.
The revenues were generated by its operating subsidiary Formation Fluid Technology Inc.'s ("FFT") completing its contract with a major oil company to provide an extensive water remediation project in the Zama area of north-western Alberta. The project ran 24 hours per day for 105 days and the Company's water processing plant performed extremely well, exceeding both the customer's requirements and all environmental regulatory requirements necessary to allow for surface runoff.
"I had the opportunity to work with a number of the Formation Fluids Technology (FFT) personnel on a large scale project this past summer. Prior to arrival onsite we were provided with the necessary set up requirements to allow for a quick set up. The onsite operators were able to run the reverse osmosis (RO) 24 hours a day for months very smoothly," said Grant Stecyk, North Shore Environmental Consultants. "We were able to treat a large volume of saline water and release it back into the ecosystem, the project was an overall success largely in part to the smooth operation and performance of the RO unit provided by FFT. The staff were knowledgeable and could help provide feedback to ensure we utilized the full potential of the RO unit and reached our goals. I had a very positive experience working with FFT personnel and equipment and would use them again in the future."
"This project has provided a showcase for our technology to both the industry and environmental regulatory bodies on a major project," said Ken Rose, CEO of FFM. "Our customer is very pleased with our performance and we are currently in negotiations with them to return to continue the project, commencing in 2014 after the spring break-up."
About Formation Fluids
Formation Fluid Technology has developed a waste water treatment plant that uses a proprietary process to clean waste water. The system is mobile and can be scaled to process required volumes. This system treats water to meet or exceed CCME Guidelines (Canadian Environmental Quality Guidelines), resulting in reusable water that can be used for: Boilers, Frac Water, Water Floods, and Drilling Operations. Formation Fluids is seeking to service a significantly underdeveloped segment within the oil and gas industry; its waste water treatment system is intended to cost effectively deal with produced water while satisfying the need to reuse and recycle an increasing valuable resource. For more information, please visit: www.formationfluid.com.
On behalf of the Board of Directors,
Ken Rose, Chief Executive Officer
Neither 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 accuracy of this release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements contained in this news release, including references to the Company's receipt of applicable approvals, may constitute forward-looking information under applicable Canadian securities legislation. These statements relate to future events and are prospective in nature. All statements other than statements of historical fact may constitute forward-looking statements or contain forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "may", "will", "project", "predict", "potential", "plan", "continue", "estimate", "expect", "targeting", "intend", "could", "might", "seek", "anticipate", "should", "believe" or variations thereof. Forward-looking information may relate to management's future outlook and anticipated events or results and may include statements or information regarding the future plans or prospects of the Company. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release are reasonable, but no assurance can be given that they will prove to be correct. Actual results and future events may differ materially from those anticipated and accordingly forward-looking statements should not be unduly relied upon. Forward-looking statements contained in this document speak only as of the date of this news release. Except as required by applicable law, the Company disclaims any obligation to update any forward-looking information.