Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) (“EcoStim” or the
“Company”) announced today that is has commenced work under its
second customer contract operating out of its Fairview, Oklahoma
base. The first stage was executed on Tuesday, October 17,
2017. The operational start-up was achieved less than three
months following the contract award, exceeding the Company’s
expectations.
The work to be performed is with an Oklahoma based exploration
and production company, who is currently operating two drilling
rigs in the STACK and is considering adding a third rig in early
2018.
Barry Ekstrand, EcoStim’s Chief Operating Officer, stated, “This
is another very significant milestone for the Company as we have
now successfully expanded our operations in north central Oklahoma
with a second high-quality customer. We signed this contract
in late July 2017 and in less than three months have mobilized the
needed personnel, equipment and supplies to commence work under the
contract. I am also pleased to announce the recent hiring of
Jim Irsik as our new VP of Operations – Mid Continent. Jim
joins EcoStim with over 35 successful years of experience managing
operations and sales at oilfield service companies including the
Western Company, BJ Services, and Weatherford. Jim will be
based at our Fairview, Oklahoma location and have overall
responsibility for leadership in the Mid-Continent as we grow.”
J. Chris Boswell, EcoStim’s President and Chief Executive
Officer, added, “This has been another tremendous effort by our
operations team and I want to give special thanks to Barry
Ekstrand, Jim Irsik and Tommy Monsey, our District Manager, in
addition to our full team in Fairview, Oklahoma for their
dedication to the successful commencement of operations.”
Appointment of New Board Members
EcoStim also announced that its Board of Directors recently
appointed Timothy L. Reynolds, Todd R. Snyder and Bryan R.
Stewart as directors of the Company.
Mr. Reynolds serves as Co-CEO of Dakota Midstream, an
independent midstream energy company in the Bakken shale formation.
Prior to founding Dakota Midstream, Mr. Reynolds led the
acquisition of Mesa Oil Services, a salt water disposal operator in
the Bakken in April 2014. Previously, Mr. Reynolds worked at
Highstar Capital, an infrastructure investment firm from 2008 to
2014, most recently as Principal and Director of Corporate
Affairs. Earlier in his career, Mr. Reynolds worked at the
White House, serving first in the National Economic Council from
2002 to 2004, and then in the Office of the Chief of Staff for the
President from 2004 to 2006.
Mr. Snyder is an Executive Vice Chairman of Rothschild &
Co., a leading international investment banking and financial
advisory firm. Before joining Rothschild in March 2000, Mr.
Snyder was a Managing Director at Peter J. Solomon Company and a
Managing Director at KPMG Peat Marwick.
Mr. Stewart retired from Devon Energy Corporation in June 2012
after 35 years of service. During his tenure at Devon, Mr.
Stewart served in a variety of leadership capacities, including as
Devon’s Chief Engineer responsible for the development and
integration of company-wide best practices for horizontal drilling,
frac design, and well control, and as Devon’s Vice President of
Well Engineering for the Offshore Division. Following his
retirement from Devon, Mr. Stewart served as President and Chief
Executive Officer of U.S. Well Services, a provider of fracturing
services in the Appalachian Basin through 2015.
“We are pleased to welcome Tim, Todd and Bryan to our board and
look forward to working with them in their new role with the
Company,” stated Andrew Teno, the Company’s Chairman of the Board.
“We believe that their depth of experience in our industry,
combined with their financial expertise will greatly contribute to
our efforts to grow EcoStim and successfully conduct our operations
going forward.”
About the Company
Eco-Stim Energy Solutions, Inc. is an environmentally focused
oilfield service and technology company providing well stimulation
and completion services and field management technologies to oil
and gas producers. EcoStim’s methodology and technology offers the
potential in high cost regions to decrease the number of stages
stimulated in shale plays through a 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
reduce horsepower requirements, emissions and surface footprint.
EcoStim seeks to deliver well completion services with better
technology, better ecology and significantly improved economics for
unconventional oil and gas producers worldwide.
Forward-Looking Statements
Certain statements and information in this press release
concerning future operations, growth opportunities and market
conditions may constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words “believe,” “expect,” “anticipate,” “plan,” “intend,”
“foresee,” “should,” “would,” “could,” “offer to” or other similar
expressions are intended to identify forward-looking statements,
which are generally not historical in nature. All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that the Company is
preparing for, plans, 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.
Our forward-looking statements involve significant risks and
uncertainties (some of which are beyond our control) and
assumptions that could cause actual results to differ materially
from our historical experience and our present expectations or
projections.
For additional information regarding known material factors that
could cause our actual results to differ from our projected
results, please see our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
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.
Contact:
Jeffrey Freedman
Investor Relations
investorrelations@ecostim-es.com
281-531-7200
Source: Eco‐Stim Energy Solutions, Inc.
Released October 18, 2017
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