HOUSTON, TX and NEUQUEN CITY, ARGENTINA--(Marketwired - Aug 29, 2016) - Eco-Stim Energy Solutions, Inc. ("EcoStim" or "the Company"), (NASDAQ: ESES) today announced that for the first time in the Company's short history, it has deployed two well stimulation crews at the same time. Following the arrival of its second equipment package in early August, the Company successfully crossed trained several of its Coiled Tubing employees and added additional critical employees to allow the Company to operate two well stimulation crews simultaneously.
One of the crews was deployed in the province of Mendoza which is approximately 500 kilometers from the Company's base and the second crew was deployed in the province of Neuquén. This capability avoids the conflict scheduling issue the Company has dealt with since it commenced operations in December 2014.
Juan Moll, EcoStim Argentina's Operations Manager, stated, "In the past, we were forced to decline work in one region because our only crew was either working or on standby in a different region. Having this additional crew gives us the flexibility we need to service our existing customers, while creating additional opportunities for new business." Martin Pons, EcoStim Argentina's Manager of Technology and Innovation, added, "We are delighted to expand our existing footprint in the market. We believe this additional capacity strengthens our conventional footprint while displaying our commitment to participate in the rapidly expanding tight gas and unconventional markets. In addition, we intend to work over the next few months to deploy our turbine powered pumping units ("TPU's"), further enhancing EcoStim's reputation for bringing best in class service and technology to these important markets".
J. Chris Boswell, EcoStim's President and CEO stated, "I am very proud of our team for their success in training key employees on the new equipment and the rapid deployment of the second well stimulation crew. While the Company's horsepower is still somewhat limited (until the TPU's are ready to go later this year), this second operational crew should help to improve our utilization while we continue working in the challenging conventional oil markets. Congratulations to the EcoStim team for the completion of this important milestone."
About the Company
Eco-Stim Energy Solutions is an environmentally-focused oilfield service and technology company providing proprietary field management technologies and well stimulation and completion services to oil and gas producers drilling in the rapidly expanding international unconventional shale markets. 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.