CALGARY, ALBERTA--(Marketwired - Dec. 4, 2013) - GASFRAC Energy Services, Inc (TSX:GFS) is an oil and gas technology and service company headquartered in Calgary, Alberta and the sole provider of waterless gelled LPG fracturing technology in North America.
GASFRAC is pleased to announce that we have successfully completed a Hybrid LPG fracturing treatment for Terrace Energy in the Eagle Ford formation in Maverick County. Terrace recently issued a press release commenting on the results of this fracturing technology stating:
"This successful use of hydrocarbon-based fracturing fluids represents a significant advancement in the development of the Eagle Ford Shale in the "black oil" window, which is defined by low gas-oil ratios found in the northern extension of the formation. Previous attempts, by other industry participants to develop commercial production in the black oil window of the Eagle Ford Shale, were made using high volume water-based fracturing fluids. This technique has generally not been commercially successful, despite the formation's rock properties and hydrocarbon content, because the formation's shallow depth and lower reservoir pressure make it difficult to recover and unload the large volumes of water used. Testing results to date indicate excellent formation productivity and there is no evidence that water resides within the formation."
James Hill, CEO, noted "This is a significant result, further demonstrating the value of GASFRAC's Hybrid LPG and engineered fluids advancements."
He also noted the recognition of this technology as one of the top 25 technologies of the year by Time Magazine (http://techland.time.com/2013/11/14/the-25-best-inventions-of-the-year- 2013/slide/waterless-fracking/) and it's nomination for an Edison Award.
This press release contains certain statements that constitute forward-looking statements under applicable securities legislation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. These statements are only as of the date of this document and we do not undertake to publicly update these forward looking statements except in accordance with applicable securities laws. Forward-looking statements are based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services. Forward-looking statements are subject to a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials. In addition, actual results could differ materially from those anticipated in these forward- looking statements as a result of the risk factors set forth under the section entitled "Business Risks" in the Company's MD&A.