- Operations for second well stimulation spread commenced on October 17, 2017
- Approximately 45,000 HHP spread now operating in the STACK play of Oklahoma
- New board members bring both strong operational and financial experience to the Company
- Jim Irsik appointed as Vice President of Operations, Mid-Continent
HOUSTON, TEXAS , Oct. 18, 2017 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) (“EcoStim” or the “Company”) announced today that is has commenced work under its second customer contract operating out of its Fairview, Oklahoma base. The first stage was executed on Tuesday, October 17, 2017. The operational start-up was achieved less than three months following the contract award, exceeding the Company’s expectations.
The work to be performed is with an Oklahoma based exploration and production company, who is currently operating two drilling rigs in the STACK and is considering adding a third rig in early 2018.
Barry Ekstrand, EcoStim’s Chief Operating Officer, stated, “This is another very significant milestone for the Company as we have now successfully expanded our operations in north central Oklahoma with a second high-quality customer. We signed this contract in late July 2017 and in less than three months have mobilized the needed personnel, equipment and supplies to commence work under the contract. I am also pleased to announce the recent hiring of Jim Irsik as our new VP of Operations – Mid Continent. Jim joins EcoStim with over 35 successful years of experience managing operations and sales at oilfield service companies including the Western Company, BJ Services, and Weatherford. Jim will be based at our Fairview, Oklahoma location and have overall responsibility for leadership in the Mid-Continent as we grow.”
J. Chris Boswell, EcoStim’s President and Chief Executive Officer, added, “This has been another tremendous effort by our operations team and I want to give special thanks to Barry Ekstrand, Jim Irsik and Tommy Monsey, our District Manager, in addition to our full team in Fairview, Oklahoma for their dedication to the successful commencement of operations.”
Appointment of New Board Members
EcoStim also announced that its Board of Directors recently appointed Timothy L. Reynolds, Todd R. Snyder and Bryan R. Stewart as directors of the Company.
Mr. Reynolds serves as Co-CEO of Dakota Midstream, an independent midstream energy company in the Bakken shale formation. Prior to founding Dakota Midstream, Mr. Reynolds led the acquisition of Mesa Oil Services, a salt water disposal operator in the Bakken in April 2014. Previously, Mr. Reynolds worked at Highstar Capital, an infrastructure investment firm from 2008 to 2014, most recently as Principal and Director of Corporate Affairs. Earlier in his career, Mr. Reynolds worked at the White House, serving first in the National Economic Council from 2002 to 2004, and then in the Office of the Chief of Staff for the President from 2004 to 2006.
Mr. Snyder is an Executive Vice Chairman of Rothschild & Co., a leading international investment banking and financial advisory firm. Before joining Rothschild in March 2000, Mr. Snyder was a Managing Director at Peter J. Solomon Company and a Managing Director at KPMG Peat Marwick.
Mr. Stewart retired from Devon Energy Corporation in June 2012 after 35 years of service. During his tenure at Devon, Mr. Stewart served in a variety of leadership capacities, including as Devon’s Chief Engineer responsible for the development and integration of company-wide best practices for horizontal drilling, frac design, and well control, and as Devon’s Vice President of Well Engineering for the Offshore Division. Following his retirement from Devon, Mr. Stewart served as President and Chief Executive Officer of U.S. Well Services, a provider of fracturing services in the Appalachian Basin through 2015.
“We are pleased to welcome Tim, Todd and Bryan to our board and look forward to working with them in their new role with the Company,” stated Andrew Teno, the Company’s Chairman of the Board. “We believe that their depth of experience in our industry, combined with their financial expertise will greatly contribute to our efforts to grow EcoStim and successfully conduct our operations going forward.”
About the Company
Eco-Stim Energy Solutions, Inc. is an environmentally focused oilfield service and technology company providing well stimulation and completion services and field management technologies to oil and gas producers. EcoStim’s methodology and technology offers the potential in high cost regions to decrease the number of stages stimulated in shale plays through a 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 reduce horsepower requirements, emissions and surface footprint. 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
Certain statements and information in this press release concerning future operations, growth opportunities and market conditions may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “offer to” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company is preparing for, plans, 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. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.
For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. 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.