STW Energy Extends Operations to the Eagle Ford Formation in South Texas Continues expansion by adding crews and equipment to Permian Basin and Eagle Ford operations in January
MIDLAND, Texas, Feb. 20, 2014 /PRNewswire/ -- STW Resources Holding Corp. (OTC QB: STWS) ("STW" or the "Company") announced today that its 75% owned subsidiary STW Energy has expanded operations in South Texas and has increased Permian Basin services by adding additional crews and equipment. STW Energy has added salespeople, and 20 field operations employees to meet the high demand for its services in South Texas' Eagle Ford. STW Energy has also deployed two additional hydro excavation units, which are utilized in the cleaning of drilling rigs and tanks.
STW Energy said it is pleased with current revenue levels and is confident rolling out an aggressive growth model will further success. STW Energy has three crews operating and based on demand expects to add seven additional crews by the fourth quarter of 2014. STW said that by industry standards each crew can generate approximately $1 million in annual revenues.
"Our successful launch of STW Energy reinforces our business plan and the demand for our services," said STW COO Lee Maddox, who continued, "STW's other subsidiaries are experiencing the same results."
STW Energy provides removal of oil and diesel residue on drilling rigs to, among other things, meet environmental regulations for transit over private roads, public roads, and highways.
STW Resources Holdings Corp. consults and provides customized water analysis, reclamation and remediation services to a variety of complex oil and gas produced and flowback water, brackish water, industrial, and municipal applications throughout several geographic locations. As an independent solutions provider, STW utilizes proven technologies from various well-known manufacturers. These technologies are available as fixed or mobile units with varying capabilities. STW's process are designed to ensure that the most effective and efficient technologies are implemented. Current project locations include the Eagle Ford Shale (TX), the west Texas Delaware and Permian Basins (TX), and eastern New Mexico STW is also involved in the oilfield construction business providing road, pit, location, and water pond construction. It also offers evaporation covers for the elimination of evaporation on frac ponds used throughout the oilfield. Evaporation causes operators millions of dollars in losses annually. Covering the ponds is a conservational and economic method of preserving one of our natural resources and can be floated on to existing ponds or installed during construction. It also eliminates algae growth, doubles as a bird net, and reduces erosion of pond infrastructure. High quality liners with fusion-welded seams, quality control testing including air tests of seams and destruction testing are also standard. STW Energy, a subsidiary of STW, offers a turnkey rig washing service along with the technology to process drilling waste fluids, tank bottoms, and oil based cuttings that will completely eliminate any potential future liabilities (Cradle-to-Grave) to the operators after they dispose of them. STW services include roustabout services for several major oil and gas producers too. There are currently 450+ rigs drilling in West Texas. STW's Pipeline Maintenance & Construction division aids oil & gas companies in connecting new wells so the oil & gas can be sold to market and helps maintain the integrity of their existing pipeline infrastructure.
This news release contains forward-looking statements about our business, or financial condition and prospects that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this news release, words such as "believes," "expects," "intends," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain forward-looking statements not accompanied by such expressions. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including risks discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
SOURCE STW Resources Holding Corp.