EcoStim achieves record production level in June for its U.S. “super-fleet”
02 July 2018 - 8:00PM
Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) (“EcoStim” or the
“Company”) announced today that it has completed a Company record
number of frac stages in the month of June 2018 following the
implementation of its collaborative “super-fleet” concept. Since
combining EcoStim’s best operational personnel and assets, and
adopting the efficiency driven processes around its “super-fleet”
concept on May 30, 2018, EcoStim has completed over 140 frac
stages, including a new record of 130 stages during the month of
June 2018. This production exceeded EcoStim’s previous monthly
record of 99 stages which was accomplished during April 2018, an
increase of 31%.
Barry Ekstrand, EcoStim’s Chief Operations
Officer, stated, “While this level of efficiency is a significant
improvement over our previous record, what is more impressive is
that each of the wells completed during June were single well pads
which required a rig down/rig up process between each pad. As we
move forward, we expect to see more multi-well pads and as we
strive for even better efficiencies, we expect to work in close
collaboration with our customer and other third-party
suppliers.”
J. Chris Boswell, EcoStim’s Chief Executive
Officer, added “I am very proud of our entire team as they have
fully embraced our super-fleet concept and executed on our plan to
improve the efficiency of our operations. We intend to work
hard to continue driving completion efficiencies to new
levels.”
About the Company
EcoStim is an environmentally focused oilfield
service and technology company offering well stimulation and
completion services and field management technologies to oil and
gas producers drilling in the U.S. and international unconventional
shale markets. In addition to conventional pumping equipment,
EcoStim offers its clients completion techniques that can
dramatically reduce horsepower requirements, emissions and surface
footprint.
Forward-Looking Statements:
Certain statements and information in this press
release 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,” “will,” “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. Examples of
forward-looking statements include, but are not limited to, the
Company’s statements made relating to (i) the future efficiency of
the Company’s operations; (ii) the Company’s strategic plan to
operate a “super-fleet” in its U.S. operations; and (iii) the
expected opportunity to work on more multi-well pads in the future.
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
materially 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. Investors should carefully consider the risk factors
included in our filings, and should keep in mind the cautionary
statements in this press release and in our filings.
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