HOUSTON and NEUQUEN CITY, Argentina, March 2, 2015 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. (OTC: ESES) ("EcoStim" or the "Company") announced today that the Company has now qualified and successfully conducted its first well stimulation job for the largest exploration and production company in Argentina after previously completing work for several other operators in the Neuquén province, home of the Vaca Muerta shale formation. The qualification and successful operation for this customer is a major accomplishment considering that Eco-Stim only recently started its operation in Argentina. Eco-Stim is now an approved "on-call" vendor and is currently in discussion with this customer to dedicate a portion of its equipment capacity for several additional jobs to be executed in the months ahead.
Bobby Chapman, the Company's Chief Operations Officer, stated, "This is a very significant milestone for our Company. This operator has a substantial exploration, development and production budget and with no planned reductions in capital spending during 2015 as compared to 2014. To obtain technical and commercial approval from this customer and successfully complete a job only two months after starting our first operation is a major success for the Eco-Stim team. We believe Argentina will continue its push for energy independence and as a result, the government will continue to embrace policies and commodity prices that allow the local exploration and production companies to economically produce both oil and natural gas. As activity in the country continues to accelerate, we anticipate many opportunities will arise to provide quality service and innovative technology."
Hector Sanchez, Operations Manager for Eco-Stim Energy Solutions Argentina ("Eco-Stim Argentina"), stated, "We are very excited about the credibility our team has generated with this operator. We see many growth opportunities in the region and remain very excited about the future. Our entire team once again did a great job and we look forward to continuing this relationship and conducting many more jobs for this important customer."
Jorge Robles, Director of Sales for Eco-Stim Argentina, commented, "I want to congratulate our operations and technical teams for making my job easy. When you can bring your customers quality equipment complemented with a safe, well-trained crew, most customers are going to be happy. With this customer expressing a desire to utilize our crew on a more regular basis, I would say that our available capacity is starting to be strained. I look forward to getting our second well stimulation fleet in operation later this year."
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.
Eco-Stim'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, Eco-Stim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions, surface footprint and water usage. Eco-Stim 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.