HOUSTON, Oct. 6, 2014 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. ("EcoStim" or "the Company"), (OTCQB:ESES) today announced that it has closed on the purchase of the land and facility to operate from in Neuquen, Argentina. The twelve-acre property is located in Plottier City (15 km from the Neuquen Capital) with easy access to the oil and gas fields being developed in the Province. The Company intends to operate its pressure pumping, coiled tubing and field management services from this base. The property is large enough to accommodate the Company's expected growth.
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Carlos Fernandez, one of the founders of the Company, stated, "We are very excited to secure such a good location for our operational base. We believe this will be an excellent location and it should appreciate in value as the Vaca Muerta shale play continues to gain momentum. EcoStim is investing significantly in the province of Neuquen and is one of the few oilfield service companies bringing new modern pressure pumping equipment into the market. We are very excited for the future."
Adolfo Schumann, the 83 year old property owner, stated, "I am happy to see the property, which previously produced bricks to help build factories and houses in this region for those that came here from around the world to pursue their dreams, continue forward in this new chapter. I fully expect the new development will go forward with the highest respect for the natural habitat. I take pride in the way we have cared for the land during my years of stewarding this property."
Andres Peressini, the Mayor of Plottier City stated, "We are very excited to see the continued investment in our community. Plottier City is strategically positioned with easy access to the Vaca Muerta shale and other oil and gas fields being developed in the region. It is close to Neuquen Capital and the International Airport. The city has a complete range of services available providing an excellent environment for companies looking to take advantage of the booming activity from the Vaca Muerta shale development. EcoStim's activities, including the property improvements currently underway will positively impact our community, including the creation of new jobs".
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.
