STW Resources Expands Rig Washing Services in the Permian Basin Subsidiary STW Energy Adds Crews and Equipment to Meet Growing Demand for Oilfield Services
MIDLAND, Texas, Sept. 16, 2013 /PRNewswire/ -- STW Resources Holding Corp. (OTC QB: STWS) announced today the completion of initial work orders for rig wash, tank cleaning and roustabout services for several major oil and gas producers in West Texas through its 75% owned subsidiary, STW Energy Services.
The company said that in August, STW Energy's first full month of operations, revenues were in line with expectations at approximately $200,000 and during this period the company increased their number of Master Service Agreements. The STW subsidiary operates over 15 pieces of equipment in the field including hydraulic vacuum trucks and heat assisted high-pressure washer systems. STW Energy currently has 24 employees and expects to continue to add personnel to the "Oilfield Services" team.
CEO Stanley Weiner said, "The oil boom in West Texas, with over 400 drilling rigs working, continues to require extensive work from service providers, and STW is well positioned to make equipment and personnel available to meet demand."
STW Resources Holdings Corp. consults and provides customized water analysis, reclamation and remediation services to a variety of complex 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 ensures that the most effective and efficient technologies are implemented. Current potential project locations include the Eagle Ford Shale (TX), the West Texas Delaware and Permian Basins (TX), and 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 through out the oilfield. It 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 offered.
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.
Stern & Co.
SOURCE STW Resources Holding Corp.