GREAT NEWS!!!!!!!!
THIS IS A HUGE NEW CUSTOMER, 1100 WELLS!!!
Integrated Environmental Technologies, Ltd. Expands Supply Relationship With EP Energy Corporation
Download as PDF AUGUST 19, 2015
Company Completes Excelyte® Testing and Becomes Approved Chemical Supplier
LITTLE RIVER, S.C., Aug. 19, 2015 /PRNewswire/ -- Integrated Environmental Technologies, Ltd. (OTCBB: IEVM) today announced that it has entered into a master service agreement with EP Energy Corporation ("EP"), a Fortune 2000 independent exploration and production company based in Houston, Texas, to provide Excelyte® well maintenance treatments on EP's oil and gas wells in the United States. This was the culmination of a six-month Excelyte® testing and evaluation process conducted by EP in which Excelyte® well maintenance treatments were performed on four EP test wells in the Uinta Basin, with the results being compared to other competitive products. These results showed that Excelyte® was an effective biocide and hydrogen sulfide eliminator and was more cost effective than competing products.
The Company is currently working with EP to expand Excelyte® well maintenance treatments to additional EP oil wells in the Uinta Basin. The Company expects to commence Excelyte® well maintenance treatments on additional EP wells in the Western Gulf Basin (Eagle Ford Shale) and the Permian Basin (Wolfcamp Shale) over the next sixty days. The Company estimates that there are approximately 1,100 existing oil and gas wells operated by EP that could benefit from Excelyte® well maintenance treatments.
David LaVance, the Company's President and Chief Executive Officer, commented, "Over the past six months, we have worked closely with EP in the development of our relationship. EP, like our other customers, carefully reviewed the data from the test wells and compared the Excelyte® results to other products before committing to a supply relationship. The resulting findings that Excelyte® is effective and provides cost advantages to the producer are the key to our gaining traction in a marketplace that is now focused on reducing operating expenses and gaining production efficiencies. We continue to work on the expansion of our production footprint in both South and West Texas and believe that Excelyte® oil well maintenance treatments in the Uinta, Permian and Western Gulf Basins represent an annual market opportunity in excess of $350 million."
