HOUSTON, April 4, 2014 (GLOBE NEWSWIRE) -- EcoStim Energy Solutions, Inc. ("EcoStim" or "the Company"), (OTCQB:ESES) announced that Mr. Darío Andrés Díaz, Mayor of Añelo, visited its head offices in Houston on Thursday as part of his visit to the US. The primary purpose of his trip was to learn more about the impact of unconventional oil & gas development in various cities and towns in the US.
Miguel Di Vincenzo, VP of Sales and Technology, and Mark Stevenson, VP of Marketing, presented Mr. Díaz with an overview of EcoStim's technologies. The presentation demonstrated that through a unique combination of engineering, geology and geophysics, and environmental science, it is possible to significantly reduce the water usage as well as the horsepower required to stimulate unconventional wells. All of this can be done, while still improving efficiency.
Bobby Chapman, COO, who was in Argentina to coordinate the start of EcoStim's first stimulation contract in Neuquén; Martín Pons, Manager of Engineering based in Neuquén; Oscar Boch, Manager of Logistic based in Neuquén and Yanina Merino, Administration and Human Resources (HR) Manager for Neuquén all participated by video conference, presenting Mr. Díaz with EcoStim's health, safety and environmental (HSE) operational procedures, as well as HR policies, designed not only to enhance efficiency but also to respect the environment of the local communities.
At the end of the visit Mayor Díaz commented, "During the last seven days, I met with many investors interested in the opportunities created by the Vaca Muerta shale play. I met with oil companies with significant knowledge in unconventional. I also met with government authorities of cities impacted by the development of unconventional. One of the many things I learned from these meetings is the amazing similarity between the challenges and opportunities we are facing in Neuquén compared to those experienced in the US. Today is my last day in the US and while I am very happy with the level of interest and excitement I found in everyone regarding the potential of the unconventional resources in Neuquén, I am also very conscious about the increasing challenges we face to minimize the impact on the infrastructure, the usage of water, and our responsibility to manage the impact on local communities in order to avoid social problems. I visited EcoStim because I had heard about their unique approach of combining optimum operational practices with the highest HSE standards. After spending more time with them, it is clear to me that EcoStim is not just a name but also a culture. I am extremely happy to have EcoStim working in our province."
Chris Boswell, CEO and President of EcoStim, commented, "It was very educational for us to understand firsthand the perspective of the people that live in the places in which we operate and it is wonderful that Mayor Díaz supports our vision. We are also very thankful to companies like GyP, YPF, Wintershall, Exxon, Medanito, Pan American, Shell and many others that have encouraged us to take this challenge in exploring a unique approach to unconventional, which can benefit not only the oil and gas operators, but also the local communities."
About the Company
Eco-Stim Energy Solutions is an environmentally focused oilfield service and technology company providing proprietary field management technologies and well stimulation and completion services to oil and gas producers drilling in the rapidly expanding international unconventional shale market. Eco-Stim's proprietary methodology and technology offers the potential to decrease the number of stages stimulated in shale plays through a unique process that predicts high probability production zones while confirming those production zones using the latest generation down-hole diagnostic tools. In addition, Eco-Stim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions, surface footprint and water usage. Eco-Stim seeks to deliver well completion services with better technology, better ecology and significantly improved economics for unconventional oil and gas producers worldwide.
The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company 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. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the "Risk Factors" section of the Company's 8-K filed with the Securities and Exchange Commission on December 17, 2013 and risks relating to expected continued development of fracturing operations and unconventional activity in Argentina, expected financial results for past and future periods; the effects of government regulation, permitting and other legal requirements, including new legislation or regulation of hydraulic fracturing; drilling and operating risks; the adequacy of our capital resources and liquidity including, but not limited to; difficult and adverse conditions in the domestic and global capital and credit markets; risks related to the concentration of our operations in the South America; shortages of oilfield and frac service equipment, services and qualified personnel and increases in costs for such equipment, services and personnel; uncertainties about our ability to successfully execute our business and financial plans and strategies; general economic and business conditions, either internationally or domestically or in the jurisdictions in which we operate; competition in the oil and natural gas industry; uncertainty concerning our assumed or possible future results of operations; our existing indebtedness; and other important factors that could cause actual results to differ materially from those projected.
Any forward-looking statement speaks only as of the date on which such statement is made and 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.
Alexander Nickolatos, CFO 281-531-7200