HOUSTON, Oct. 3, 2014 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. (OTCQB:ESES) ("EcoStim" or "the Company") today announced that it has placed an order for its second pressure pumping fleet to be deployed in Neuquén, Argentina, home of the world's third largest shale play. The Company has had expressions of interest from numerous customers as the demand for quality pressure pumping equipment continues to grow. We believe the Vaca Muerta formation and growing tight gas activity continue to absorb the available supply of equipment. The oil and gas producers in the region who are developing unconventional, tight gas and conventional reservoirs are in need of good equipment and service capabilities and EcoStim is anxious to work with these producers to streamline the completion process and reduce cost.
Bobby Chapman, EcoStim's Chief Operating Officer stated, "This equipment is being purchased from a local Argentine manufacturer who also helped with certain key components of our first pressure pumping fleet. This manufacturer has been building quality oilfield equipment for many years and already produced reliable equipment for our competition. We are very confident in the quality of this equipment and look forward to expanding our footprint."
Miguel Di Vincenzo, EcoStim's Vice President of Sales and Technology stated, "With our first pressure pumping and coiled tubing package arriving in Argentina, the level of interest from active producers has accelerated and based on the strong indications of interest, I am very happy that our Board has made the decision to place this order. By next July, we expect to have two fleets operating in Neuquén, Argentina. We will be actively working with oil and gas producers to identify the optimal region and application for this equipment. The local market remains strong and the activity levels are expected to continue expanding over the next 3 years."
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.
Forward-Looking Statements
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.