SOURCE: Rockwater Energy Solutions, Inc.

June 25, 2013 10:20 ET

Rockwater Acquires Poseidon Tank Assets

Positions Rockwater to Be the Leading Above-Ground Storage Tank Provider in North America

HOUSTON, TX--(Marketwired - June 25, 2013) - Rockwater Energy Solutions, Inc. announced today the purchase of approximately 400 additional high-capacity above-ground water storage tanks (ASTs) and related assets from Calgary-based Poseidon Concepts Corp. and its subsidiaries. Rockwater entered into an Asset Purchase Agreement with Poseidon in May 2013 to purchase substantially all of its high-capacity water storage and containment systems assets to help Rockwater meet the water storage needs of its oilfield customers across North America.

This new inventory of Above-Ground Storage Tanks will be integrated into Rockwater's existing fleet. Rockwater's new fleet consists of various sizes to meet a range of applications, ranging from 4,500 to 41,000 barrel capacity. Above-Ground Storage Tanks have revolutionized the industry by reducing the truck traffic and environmental footprint associated with traditional frac tanks, while offering cost savings to operators.

These units are available immediately on a rental basis or as part of a turn-key water management package, and are ready for deployment to any major play in Western Canada and the United States. In addition to the new tanks, Rockwater customers will also benefit from a number of water containment support technologies acquired in the Poseidon transaction, including Volcano™ E-Heat tank heating systems, which improve the efficiency of managing the temperature of sourced hydraulic fracturing fluids.

"This is a great move for us," notes Larry O'Donnell, Chairman, President, and CEO of Rockwater. "Above-Ground Storage is an integral part of our North American water management system. We offer customers comprehensive water management solutions throughout the water life cycle of the well, and our ability to optimize water storage is key to the efficient management of water in the oilfield. From water transfer and logistics to chemical technologies and water recycling, Rockwater's water life cycle approach is helping our customers increase their production, lower their cost, and reduce their environmental footprint."

Rockwater has one of the industry's most expansive logistical positions to support the deployment of this new fleet of Above-Ground Storage Tanks along with its other water management services in North America, including operations in Texas, Oklahoma, Colorado, Utah, Wyoming, North Dakota, Pennsylvania, West Virginia, Ohio, and Western Canada.

Demand for tanks to support hydraulic fracturing has steadily increased over the past five years. As a result of this acquisition, Rockwater is now positioned to be the leading provider of Above-Ground Storage Tanks to oilfield customers in North America.

About Rockwater (www.rockwaterenergy.com)

Rockwater Energy Solutions, Inc. provides extensive water and fluids management services and environmental solutions to the oil and gas industry by customizing cost-effective solutions associated with the full water life cycle. Rockwater offerings include water transfer by pipe; completion, stimulation, and production chemicals; water conditioning for reuse; proppant, guar, and additives for fracturing; flowback and well testing services; fluids transportation and storage; and logistics and distribution services to support its product and service offerings. Rockwater is headquartered in Houston, Texas, and has about 3,000 employees serving every major shale basin in North America.

Forward Looking Statements

Rockwater Energy Solutions, Inc. (the "Company"), from time to time, provides estimates of financial and other data, comments on expectations relating to future periods and makes statements of opinion, view or belief about current and future events. Statements relating to future events and performance are "forward-looking statements." Forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "could," "may," "foresee," "plan," "goal" or other words that convey the uncertainty of future events or outcomes. Forward-looking statements are not guarantees of performance. The Company has based these forward-looking statements on its current expectations and assumptions about future events. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate under the circumstances. Actual results may differ materially from those implied or expressed by the forward-looking statements. These forward-looking statements speak only as of the date of this press release, or if earlier, as of the date they were made. By issuing estimates or making statements based on current expectations, opinions, views or beliefs, the Company has no obligation, and is not undertaking any obligation, to update such estimates or statements or to provide any other information relating to such estimates or statements. The Company faces a variety of risks that could cause actual results to differ materially from those that may be set forth in the forward-looking statements made by the Company. We caution you not to place undue reliance on any forward-looking statements. 

Contact Information

  • For further information, contact: 
    Dustin Brown
    Marketing Manager 
    Rockwater Energy Solutions, Inc.
    713-986-2587 
    dmbrown@rockwaterenergy.com