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$UATG Contracts are at $52 Million now. $UATG is growing by leaps and bounds.
UAT Group’s Subsidiary, H2O Processing, Enters into Agreement to Acquire Discharge Well Interest Valued at $2.8M Annually
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.
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