HOUSTON, May 15, 2014 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. ("EcoStim" or "the Company"), (OTCQB:ESES) announced today that its 100% owned subsidiary, Eco-Stim Energy Solutions Argentina S.A. ("EcoStim Argentina") has successfully recruited an extremely experienced team of operational management. The Company believes that this operational team ranks as one of the best in the local market and possibly in the industry when it comes to the services offered by EcoStim Argentina. Bobby Chapman, EcoStim's Chief Operating Officer stated, "During the early stages of a company's development, it is important to secure a strong operational and technical team capable of competing with anyone in the local market. We feel we have succeeded in that regard and look forward to building on this excellent start."
Joining the Company over the past several weeks are experts in many areas and include the following managers, which are listed in the chronological order they joined the Company:
Oscar Boch – Mr. Boch is joining the Company as Logistics and Maintenance Manager. Prior to this position, he spent 30+ years with Halliburton & San Antonio International (SAI) in the area of equipment design, construction and maintenance. Mr. Boch has worked in Argentina, Peru and Bolivia.
Martin Pons – Mr. Pons is joining the Company as Engineering Manager. Prior to joining the Company, Mr. Pons served as Senior Engineer for SAI in Argentina, where he was in charge of adapting new technology for multi-stage hydraulic fracturing using coiled tubing. He has also been fully trained on NCS sliding sleeve technology and performed several other engineering functions including technical completion program design and N2 foam fractures. Prior to his time in Argentina, Mr. Pons worked in Mexico, designing and executing hydraulic fractures in the Chicontepec field. Mr. Pons has a degree in Chemical Engineering from the Universidad Nacional del Sur in Argentina with a specialization in Environmental Engineering and as a Chemical Technician.
Paula Bertoglio – Ms. Bertoglio is joining the Company as Special Projects Manager after completing an MBA from IAE Business School and an Energy Concentration at the University of Texas. Ms. Bertoglio previously worked for over 7 years with JMB SA (JMB), an environmental engineering company focused on services for the oil and gas industry. At JMB, she led many projects for Yacimientos Petroliferos Fiscales (YPF), SINOPEC, Occidental Argentina, and Pluspetrol in several Argentinean onshore basins. Her last responsibility was the opening of a business unit in Neuquen City. Prior to JMB she spent 4 years working as a researcher and has two international publications. Ms. Bertoglio also has a degree in Chemical Engineering with a Petroleum Specialization from the University of Buenos Aires.
Hector Sanchez – Mr. Sanchez is joining the Company as Operations Manager. Prior to that role, he oversaw unconventional stimulation field operations for YPF in Neuquen. Prior to that role, Mr. Sanchez spent 20 years with SAI where most recently he was head of operations and worked on operations oversight for several Vaca Muerta wells. Mr. Sanchez started his career with Halliburton where he spent 16 years as Training Supervisor while also functioning as Operations Supervisor, supervising several product lines including conventional, fractures with foam, well liners, down-hole tools and other services. He also served as Field Supervisor related to cementing and completions.
Eduardo Dimarco - Mr. Dimarco is joining the Company as Coiled Tubing Operations Supervisor. Prior to that role, Mr. Dimarco spent 30 years with Halliburton where he was most recently the Services Coordinator for Coiled Tubing Operations in Argentina. Mr. Dimarco was responsible for the operational startup of most of the coiled tubing and Cobra Mac operations and gas lift installation with coil tubing of Halliburton in Argentina and Bolivia. He was also responsible for several opportunities for coiled tubing, Cobra Jet Frac Multi Stage and completion projects in the USA, where he was trained in the latest completion technologies at Halliburton.
Carlos Fernandez, one of the founding shareholders and a director in the Company, commented, "EcoStim Argentina is building an "A team" locally in Neuquen so that we can offer our customers the very best technology, equipment and service in the industry. I am very excited to see this team coming together."
J. Chris Boswell, CEO and President of EcoStim, commented, "I am very proud of the team we have been able to assemble in such a short period of time. This team, both as a group and individually, is well respected in the industry and will allow the Company to continue attracting the best and brightest talent as we continue our growth. We are thankful to our existing senior management team and to Carlos Fernandez for helping to identify and recruit such a strong technical and operational team."
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. EcoStim'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, EcoStim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions, surface footprint and water usage. EcoStim 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 10-K filed with the Securities and Exchange Commission on March 28, 2014 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 the Company's resources and liquidity; difficult and adverse conditions In the domestic and global capital and credit markets; risks related to the concentration of our operations In South America; shortages of oilfield and well stimulation service equipment, services and qualified personnel and increases in costs for such equipment, services and personnel; uncertainties about the Company's ability to successfully execute its business and financial plans and strategies; general economic and business conditions, either internationally or domestically or In the Jurisdictions In which the Company operates; competition in the oil and natural gas industry; uncertainty concerning the Company's assumed or possible future results of operations; the Company's 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