HOUSTON and NEUQUEN CITY, Argentina, Nov. 13, 2014 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. (OTC:ESES) ("EcoStim" or the "Company") announced today that it has finalized a multiple well commercial contract with a major international oil and gas company in Argentina. On this project, EcoStim will run the NCS Energy Services' (NCS) jet frac technology to perforate wells located in the Commodore Region of Argentina. This will be the second commercial contract EcoStim has executed and performed for this customer in Argentina, having completed a field management fiber optic diagnostic contract earlier this year. The jet frac technology is designed to allow this customer to more efficiently perforate its wells and reduce the time and cost of putting wells on production. The contract will run over several months beginning in Q4 2014 and once the operation is demonstrated to be successful, the Company believes there will be many other opportunities to perform similar services in the region.
EcoStim's President and Chief Executive Officer J. Chris Boswell stated, "We are very pleased to be able to offer this service to this well regarded customer. The NCS jet frac service offering is a component of our "best practices" portfolio of tools and technologies which we intend to deploy with several operators in the region. Earlier this year, EcoStim completed a very successful field management project with this customer during which we identified production zones in lower flow wells using advanced fiber optic technology, another component of our "best practices" portfolio. We believe the previous project provided valuable information to this customer in terms of characterizing their reservoir and helping to identify "sweet spots" within their productive formations. The NCS sliding sleeves and jet frac technology allows our customers to pin-point their stimulation efforts and shorten the completion cycle, thus saving time and money."
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 markets. 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. 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.