Any body know what happen to the ("MOU")
eCORP International, LLC ("eCORP") and GASFRAC Energy Services Inc. ("GASFRAC")
(TSX:GFS) are pleased to announce that they have executed a Memorandum of
Understanding ("MOU") to introduce in Europe the reservoir stimulation
technology using liquefied petroleum gas (propane or propane-butane mix).
GASFRAC has successfully employed this technology in North America, pumping over
1,200 stimulations in reservoirs from Alberta, Canada to south Texas, USA. eCORP
is engaged in exploring for and developing hydrocarbons in Europe, currently
holding a number of well-situated licenses in the premier basins of western
Europe, with discussions under way to materially expand its holdings.
Pursuant to the MOU, GASFRAC and eCORP are negotiating definitive documentation
for joint cooperation to complete market and regulatory research and develop
built-to-suit equipment followed by construction of an initial set of equipment
to be used to delineate the scope of work for full scale development of this
opportunity.
John Thrash, Chairman and CEO of eCORP, noted "The use of liquid hydrocarbons to
enhance production from hydrocarbon reservoirs is a natural solution, and now
that safety concerns have been solved, we believe this game-changing technology
will be embraced by, not only regulators and the industry, but the general
population as well. After all, many of us use propane daily for cooking and
heating our homes. As demonstrated in eCORP's track record, we would apply this
technology only after full consultation with, and acceptance by, local and
regional stakeholders and authorities."
Tom Harris, COO of eCORP, stated "We are very pleased to help bring this
environmentally compatible stimulation technology to Europe which has been
proven in Canada and the US. In the state of New York, it is recognized as a
viable alternative to large water fracs, and should be well received by European
countries. This technology is also applicable for enhancing oil recovery in
conventional reservoirs and can eliminate issues related to fresh water usage
and contamination when stimulating low-porosity formations."
Zeke Zeringue, President and Chief Executive Officer of GASFRAC commented, "We
are excited about the opportunity to partner with eCorp International, one of
the most progressive and innovative companies in the industry. eCorp
International and GASFRAC will jointly bring waterless gelled LPG well
stimulation technology to Western Europe. With their initial groundwork already
completed, this partnership is a perfect fit for GASFRAC's growth strategy
beyond North America.
GASFRAC's Chief Technology Officer, Robert Lestz stated "Delivering value and a
competitive advantage through our propriety technology is at the core of
GASFRAC's business. It is especially rewarding as we continue to demonstrate
unparalleled reservoir and well performance, superior economic results, and
accomplishing it in an environmentally sustainable process."
Founded in 1978, eCORP and its predecessor companies have extensive oil and gas
experience including underground natural gas storage, natural gas
transportation, enhanced oil recovery in conventional reservoirs using propane
and butane, exploration for and production of conventional and unconventional
reservoirs, electric power generation and marketing of electricity and gas. The
company was an early mover in the Marcellus play in Pennsylvania and New York,
USA and recognized its potential while developing its highly acclaimed
Stagecoach Storage project in New York. The company acquired European
prospective acreage after farming out holdings in the Marcellus. The company's
world class management team expects to apply its broad background in Europe to
develop oil and gas fields, gas storage and power generation. Linking with
GASFRAC provides an excellent vehicle for introducing an environmentally
sensitive technology to allay concerns about excessive usage of fresh water and
potential aquifer contamination because the process needs no fresh water.
GASFRAC is an oil and gas technology and service company headquartered in
Calgary, Alberta, Canada, and the sole provider of waterless gelled LPG
fracturing technology in North America.
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