CALGARY, Alberta, Oct. 30, 2017 (GLOBE NEWSWIRE) -- DIVERGENT Energy Services Corp. (TSX-V:DVG) (“DIVERGENT” or the "Corporation") is pleased to announce that it has been awarded a three-year preferred service contract to supply electric submersible pumps (“ESP”) and services.
DIVERGENT, through its wholly owned US subsidiary Extreme Pump Solutions, LLC (“Extreme”), and Carbon Creek Energy, LLC (“Carbon Creek”) have entered into an exclusive preferred product and services agreement where Extreme will provide electric submersible pumps and services for a period of three years in Carbon Creek’s Coal Bed Methane project in the Powder River Basin. Carbon Creek is a leader in coal-bed natural gas production with 6,800 natural gas wells, and the agreement will provide Extreme with a strong and sustainable base of revenue with an incentive that increases profitability as pump performance improves.
"We are very excited for our new partnership with Extreme. Our agreement is structured in a way that places Carbon Creek and Extreme in full alignment of objectives to reduce ESP failures and increase production. We appreciate their willingness to work on a plan that can help increase profitability for both companies, so we can both be successful in the Powder River Basin for years to come."
Alan Brown, CEO of Carbon Creek Energy
"Our new alignment with Carbon Creek is a testament to the willingness of both parties to think long-term and be open minded about change. A contract of this nature is rare in our industry because so often the focus is on today’s costs and not the long-term impact of today’s decisions. I’d like to thank our team in Gillette for their tireless pursuit of results that made this opportunity possible.”
Ken Berg, CEO of DIVERGENT Energy Services Corp.
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, DIVERGENT Energy Services Corp. provides cost effective, innovative technologies and solutions for submersible pumping to benefit our stakeholders. DIVERGENT is committed to increasing client’s production while reducing operating costs and carbon footprint. Our Products include Electromagnetic Pumps, Electric Submersible Pumps, and Electric Submersible Progressing Cavity Pumps.
For further information regarding this news release contact Ken Berg, President and Chief Executive Officer; or Scott Hamilton, Chief Financial Officer.
DIVERGENT Energy Services Corp., 1500, 715 – 5th Ave SW, Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax), www.divergentenergyservices.com
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This press release contains forward-looking statements, including, without limitation, statements pertaining to operational updates. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. Forward-looking statements are based on estimates and opinions of management of the Corporation at the time the information is presented. The Corporation may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Corporation undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
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