Denver, CO, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Umbra Applied Technologies Group, Inc’s (OTC Pink: UATG) subsidiary, H2O Processing, announced today that it has entered into an agreement with Bellows Operating Salt Water Discharge (BOSWD) to purchase a 50% stake interest in one of its salt water discharge sites.
The site is a leased property in Asherton TX generating income from the disposal of discharge water derived from oil well operations. The site is currently structured to process an estimated 5,000 bbl/day of water and separate 1,200 bbl/month of suspended oil from the discharge brine water. H2O Processing will enhance existing capabilities when it delivers additional equipment to the Asherton site as well as improving the sites green architecture, operational efficiencies and doubling capacity to 7,500 bbl/day of water and 1,800 bbl/month. Initial projections of $1.9M are expected with revenues increasing to just over $2.8M as additional equipment is delivered to site. The partnership will continue to expand capacity by drilling new wells to keep pace with demand. This contract is in addition to the three previous contracts announced earlier in this month. In total H2O has announced four contracts this month totaling nearly $52 million annually.
H2O Processing Chief Executive Officer, Stan Abrams stated, “This agreement represents a significant opportunity for us to demonstrate the scale and scope of our capabilities. This agreement makes H2O an owner in a discharge well that allows us to utilize our water treatment technology in addition to our proprietary iron extraction process. Our technology maximizes the profitability that cannot typically be achieved by other discharge wells and reduces the injection volume of fluids into the well. The reduction of fluids into well is something we have discussed at length with the state of Texas as it is a major priority for the state’s regulators. By bringing technology forward that, until now didn’t exist, we can streamline the industries existing processes in a way that increases production and profit while reducing environmental risk. For us it’s a win for the producers and the environment”.
H2O Processing is a manufacturing, research and engineering company, with extensive experience in the water treatment industry. With an expanding portfolio of intellectual property, the H2O team has just recently begun its expansion as a full-provider and manufacturer of mobile on-site and fixed commercial water and oil treatment solutions.
BOSWD is based in Texas with extensive operations throughout the State of Texas. H2O Processing’s entrance into the salt water discharge segment introduces a much-needed solution, offering a solution to oil producers that, until now, had to engage in very costly services and/or process to treat or store their discharge water. With H2O Processing’s proprietary treatment systems, discharge water can be treated and safely disposed of with little to no impact to the environment at a very low cost to producers.
The mobile platforms are fully automated and can be managed remotely by either H2O Processing from their headquarters in Denver or managed by the Company’s authorized service provider. Both mobile platforms to treat crude oil and contaminated water, are ready for commercial production and are now being delivered to market.
Chairman of H2O Processing parent company, UAT Group, Alex Umbra commented, “H2O Processing continues to build on its commitment to making it more profitable to operate cleanly. The support from the oil industry has been nothing short of incredible. This initial agreement will serve as a test bed and an example to a global industry as to what is possible when you prioritize the reduction of an industry’s carbon footprint. H2O Processing is quite literally making it more profitable to be more environmentally forward. The impact of this technology is far reaching, one that will ameliorate existing industry challenges and effect those beyond our life-time”.
For more information about H2O Processing, Inc. visit: https://h2oprocessing.com/
For more information, visit www.uatgroup.com
Investor and Media Contact: info@uatgroup.com
About H2O Processing, Inc.
The Company is located in Denver, CO, and is an advanced water and oil treatment technology company.
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Forward-Looking Information
This news release may include "forward-looking statements" including forecasts, estimates, expectations, and objectives for future operations including but not limited to its ability to conclude a business combination with a third party, sale of assets, return of capital or initial public offering and/or a secondary listing as a result of aforementioned and its ability to fund the exploration of its assets through the raising of equity or debt capital or through funding by a joint venture partner that are
subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of H2O Processing including but not limited to capital markets and securities risks and continued development success on technology. There can be and are no actual or implied guarantees that any of the above activities will be completed or completed on terms acceptable to the Company and its shareholders or approved by any regulatory authority having jurisdiction. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. H2O Processing does not assume the obligation to update any forward-looking statement, except as required by applicable law.
