Green Field Power Generation to Lease Natural Gas Fueled Turbine Generators to Oil Field Customers

LAFAYETTE, La., March 20, 2013 /PRNewswire/ -- Green Field Power Generation announced today that it has signed lease agreements with two oil field customers to supply a total of 41 megawatts (MW) of power generation capacity for two years.  Green Field's turbine generators are capable of running on field gas and provide low-cost, cleaner-burning power generation solutions to the oil and gas industry. 

Under the agreements, Green Field will provide 16 one-MW generators to SandRidge Exploration and Production, LLC, and 25 one-MW generators to Patriot Power Solutions.   Both customers intend to utilize the generators to power electric submersible pumps (ESPs) and other production-related well site equipment utilizing 100% natural gas produced onsite in the field.  Excess power from the generators may be sold into the electrical grid.

Michel Moreno, Chairman and CEO of Green Field Power Generation, stated, "These two agreements represent the first major deployment of turbine generators for production purposes following a collaborative effort between Green Field and SandRidge in achieving the performance criteria requested by SandRidge.  Our turbine generators require a lower upfront capital investment than traditional diesel-powered generators and offer significant additional savings over the life of the generator due to their ability to run on natural gas, a lower-cost and cleaner-burning fuel source. We are excited with the interest we have received to our Power Gen solution and are in conversations for additional MWs with several potential customers."

Based on current energy prices, by using 100% field gas instead of diesel, an operator can lower its monthly operating cost by $50,000 to $70,000 per MW.

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This press release contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements may be identified by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. Forward-looking statements reflect our current views about future events, are based on assumptions, and are subject to known and unknown risks and uncertainties. Many important factors could cause actual results or achievements to differ materially from any future results or achievements expressed in or implied by our forward-looking statements. Many of the factors that will determine future events or achievements are beyond our ability to control or predict. These forward-looking statements reflect our views and assumptions only as of the date such forward-looking statements are made. You should not place undue reliance on forward-looking statements. Except as required by law, we assume no responsibility for updating any forward-looking statements nor do we intend to do so. Our actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements.

 

CONTACTS:

Green Field Power Generation


Rick Fontova, President


337-706-1700




Dennard ▪ Lascar Associates


Ken Dennard / Ben Burnham


713-529-6600

SOURCE Green Field Power Generation




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