News Out! Great new Contract - $$$$:
Eco-Stim Energy Solutions Signs Field Management Diagnostics Contract
HOUSTON and NEUQUEN CITY, ARGENTINA – March 17, 2016 – Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) ("EcoStim" or the "Company") announced today that it has signed a contract with a large multi-national exploration and production company operating in Argentina to conduct a downhole diagnostics evaluation using distributed fiber optic measurements. This contract involves the deployment of fiber optic sensors into two unconventional wells and the subsequent recording of acoustic and temperature measurements from each well to better understand the dynamic production characteristics. This data should allow the operator to enhance its understanding of the reservoir, rock properties and production characteristics, and improve the overall efficiency of resource development.
J. Chris Boswell, the Company’s chief executive officer, stated: “We are pleased to secure this work and view this operator as a key player in the development of the Vaca Muerta over the next several years. Our technology based on predictive techniques which can be confirmed through advanced diagnostic tools is primarily geared for the unconventional reservoir. The current high cost of completing wells in Argentina makes this an ideal market for this type of technology. The information gathered and interpreted from the downhole diagnostics can significantly enhance our customer’s understanding of the reservoir and improve future well performance. We expect to do more of this type of work as the Vaca Muerta field development accelerates and we expect these types of technologies can play an important role in driving efficiency, productivity and reducing completion costs going forward.”
About the Company
Eco-Stim Energy Solutions is an environmentally focused oilfield service and technology company providing well stimulation and completion services and proprietary field management technologies to oil and gas producers drilling in the 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 the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" 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 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. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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.
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investorrelations@ecostim-es.com
Eco-Stim Energy Solutions, Inc.
2930 W. Sam Houston Pkwy. N.
Suite 275
Houston TX 77043
USA
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