HOUSTON, July 9, 2015 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. ("EcoStim" or the "Company") (NASDAQ:ESES) today announced that it has priced 5,500,000 shares of its common stock, par value $0.001 per share, at a price to the public of $4.75 per share. EcoStim has granted the underwriters a 30-day option to purchase up to an additional 815,789 shares of common stock. EcoStim expects to receive gross proceeds of approximately $26,125,000 (or approximately $30,000,000 if the underwriters exercise their option to purchase additional shares), before deducting estimated fees and expenses (including underwriting discounts and commissions).
EcoStim intends to use the net proceeds from the offering to finance capital expenditures related to its turbine-powered pressure pumping units ("TPUs"), the complementary equipment needed to put the TPUs into operation and the final payments on its second conventional pressure pumping fleet, for working capital as well as other general corporate purposes, which may include, but are not limited to, the purchase and maintenance of its existing equipment, retirement of debt and inventory purchases. EcoStim expects the offering to close on July 15, 2015, subject to customary closing conditions.
FBR and Roth Capital Partners are acting as the book-running managers and Seaport Global Securities is acting as the co-manager for the offering. An investor may obtain a free electronic copy of the prospectus related to the offering by visiting EDGAR on the website of the Securities and Exchange Commission at www.sec.gov or from the book-running managers as follows:
FBR
Prospectus Department
1300 17th Street N., Suite 1400
Arlington, VA 22209
(703) 312-9726
prospectuses@fbr.com
Roth Capital Partners
Equity Capital Markets
888 San Clemente, Suite 400
Newport Beach, CA 92660
(800) 678-9147
rothecm@roth.com
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the shares of common stock described herein or any other securities, nor shall there be any sale of the shares of common stock described herein or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About the Company
EcoStim 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 markets. EcoStim's proprietary methodology and technology offer 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. 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.