STUART, Fla., Nov. 21, 2011 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering, technology licensing and environmental services company, today announced that its majority-owned subsidiary, Ecosphere Energy Services, LLC has treated approximately 1.095 billion gallons of frac water since 2008 for major energy exploration and production companies to eliminate chemicals and preserve vital water resources. This amount of water is equivalent to approximately 1,650 Olympic swimming pools.
Robbie Cathey, Chief Executive Officer of Ecosphere Energy Services, stated, "I am proud to announce that we have been able to treat over 1 billion gallons of water to date on approximately 416 natural gas wells in Oklahoma and Arkansas, allowing operators to recycle flowback and produced waters. This significant milestone was passed last week while treating water on a multiple well pad in Arkansas for a major energy company."
The Wall Street Journal noted earlier this year that horizontal fracturing has also been expanded to unconventional oil shale exploration. Mr. Cathey continued, "Our new Ozonix EF80 units, under the operation of our U.S. onshore oil & gas licensee, were recently used to successfully treat water for oil well fracturing in South Texas. We are very excited about this new additional market for our Ozonix technology."
Charles Vinick, Chairman and CEO of Ecosphere Technologies, stated, "On average, 3 to 5 million gallons of water are required during hydraulic fracturing operations to create fissures in shale formations so that oil and gas can flow freely to the surface. Using our patented Ozonix process to successfully treat the biofilms and bacteria in these waters has been a huge business for us in 2011 and has enabled a 10X increase in our revenue over the last 24 months. Having people like Mario Gabelli call attention to the investment opportunity in water treatment in the oil and gas industry is very positive. We are pleased with our success in leading the way to help our customers recycle water and reduce the traditional chemicals being used during hydraulic fracturing."
This announcement is made as Mario Gabelli, Chief Investment Officer of GAMCO Investors, Inc., recently announced on CNBC that he is investing in small U.S. based companies that are focused on using technology to manage water in the oil & gas fracturing industry. Gabelli stated that he owns all of these companies and is looking for additional opportunities in the fracturing and water treatment space. Ecosphere has no knowledge that Mr. Gabelli or any Gabelli fund has actually invested in Ecosphere.
Click here to watch Mario Gabelli: http://video.cnbc.com/gallery/?video=3000057347
About Ecosphere Technologies:
Ecosphere Technologies, Inc. (OTCBB:ESPH) is a diversified water engineering, technology licensing and environmental services company that designs, develops and manufactures wastewater treatment solutions for industrial markets. The Company provides environmental services and technologies for use in large-scale and sustainable applications across industries, nations and ecosystems. Ecosphere is driving clean water innovation with its patented Ozonix advanced oxidation technologies and its mobile, low maintenance water treatment systems. Ecosphere's patented Ozonix technology is a high volume, advanced oxidation process designed to recycle water while reducing liquid chemicals used during water treatment applications. For more information, please visit www.EcosphereTech.com
About Ecosphere Energy Services, LLC:
Ecosphere Energy Services, LLC is the exclusive master licensee of Ecosphere's patented Ozonix technologies for domestic and global energy applications. The Ozonix process provides energy exploration companies with a cost-effective method to kill bacteria and biofilms without the use of chemical biocides and scale-inhibitors. For more information, please visit www.EcosphereTech.com/divisions/Ecosphere-Energy-Services
Ecosphere's Ozonix services are available to the U.S. onshore oil & gas exploration and production market exclusively through Hydrozonix, LLC. For more information, please visit www.Hydrozonix.com
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