HOUSTON and NEUQUEN CITY, Argentina, Dec. 16, 2014 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. (OTC:ESES) ("EcoStim" or the "Company") announced today that it has signed an agreement with YPF Tecnologia S.A. ("Y-TEC"), the technology arm of YPF, to work together to jointly develop and deploy technologies that are expected to benefit YPF's ongoing drilling and completion efforts in Argentina, with specific focus on the Vaca Muerta shale formation.
Y-TEC is a technology company owned 51% by YPF -the state oil company- and 49% by the National Council of Scientific and Technical Research (CONICET). The CONICET is an autarkic institution of the Ministry of Science, Technology and Innovation of Argentina and it is the nation's leading scientific institution and one of the most relevant in Latin America.
EcoStim and Y-TEC will work together in different research, development and innovation projects to evaluate and test various technologies and practices related to predictive tools, stimulation and completion systems and well monitoring. Moreover, one of the main objectives of the five (5) year agreement is to promote the implementation of better techniques to optimize well production and resource recovery, while minimizing the environmental impact and improving economic results. Some of the future applications areas will be: down-hole diagnosis techniques including fiber optic DTS and DAS systems, various types of completion technologies such as sliding sleeves and also the joint evaluation and testing of more efficient, lower cost and reduced emissions pressure pumping equipment.
Gustavo Bianchi, General Director of Technology (Y-TEC) stated, "We have worked with EcoStim over the past two years on various technologies to help YPF maintain its leadership position in unconventional oil and gas exploration and development and believe that together with our team, we can further develop some of these technologies and design better and more efficient solutions for the development of unconventional resources."
Carlos Fernandez, a Founder, Director and Executive Officer for EcoStim commented, "We are very honored to work with the clear unconventional leader in Latin America to improve the drilling and completion results and to assure the latest technologies are used to provide an advantage for both YPF and EcoStim."
The two companies anticipate that any intellectual property developed through this relationship will be jointly owned by Y-TEC and EcoStim and all the phases of this relationship will be regulated by a non-disclosure agreement which has already been signed.
J. Chris Boswell, the Chief Executive Officer of EcoStim, stated, "This agreement is a tribute to the team we have assembled and the innovative culture we have created at EcoStim. Without the constant drive for change and innovation at both Y-TEC and EcoStim, such an agreement would never be possible. As Carlos stated, we are truly honored that Y-TEC sees value in the technologies we have sourced in the past and we very much look forward to working closely to evaluate and deploy new technologies and techniques going forward."
About YPF S.A.
YPF is Argentina's leading energy company, operating a fully integrated oil and gas chain with leading market positions across the domestic upstream and downstream segments. YPF's upstream operations consist of the exploration, development and production of crude oil, natural gas and LPG. YPF's downstream operations include the refining, marketing, transportation and distribution of oil and a wide range of petroleum products, petroleum derivatives, petrochemicals, LPG and bio-fuels. Additionally, YPF is active in the gas separation and natural gas distribution sectors both directly and through its investments in several affiliated companies.
Headquartered in Buenos Aires, Argentina, YPF is traded on the Buenos Aires Stock Exchange and its American Depositary Shares are traded on the New York Stock Exchange. For more information on YPF, please visit www.ypf.com.
About Y-TEC
Y-TEC is a technology company owned 51% by YPF -the state oil company- and 49% by the National Council of Scientific and Technical Research (CONICET). The CONICET is an autarkic institution of the Ministry of Science, Technology and Innovation of Argentina and it is the nation's leading scientific institution and one of the most relevant in Latin America.
About EcoStim
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. 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.