STW Resources Holding Corp. and Aqua Verde, LLC Complete Joint Venture to Develop and Provide Oilfield Water Reclamation Services in the Denver-Julesburg Basin
MIDLAND, Texas, Sept. 16 /PRNewswire/ -- STW Resources Holding Corp. ("STW Resources"), a water reclamation services company, has formed a Joint Venture, Water Reclamation Partners, LLC ("WRP"), with privately held Aqua Verde, LLC, to provide independent, cost-effective water solutions for oil and gas producers, municipalities, and environmental remediation projects. WRP is 51% owned by STW Resources. Under the terms of the JV, Aqua Verde has assigned its existing Master Services Contract with a major oil & gas producer to WRP.
To service the Master Services Contract, WRP is planning to deploy proven technology to reclaim a minimum of 4,000 barrels of produced water per day, increasing to 30,000 barrels per day at a rate of $2.25 to $5.75 per barrel depending on the treatment necessary. WRP's revenues will be distributed to STW on a monthly basis in accordance with its ownership interest.
Additionally, WRP has begun testing water samples for multiple producers in the DJ Basin to provide a suite of customized water reclamation services, based on the local water chemistry. The potential business for STW is the reclamation of hundreds of thousands of barrels of water daily.
Stanley Weiner, Chief Executive Officer of STW Resources said, "Water is a major environmental and political challenge for the oil and gas industry. STW is positioned to demonstrate that water reclamation is both politically viable and economical for producers."
About STW Resources
STW Resources, Inc., Midland, Texas, provides customized water reclamation services. STW's core expertise is an understanding of water chemistry and its application to the analysis and remediation of complex water reclamation projects. STW provides a complete solution throughout all phases of a water reclamation project, including analysis, design, evaluation, implementation and operations. For more information, go to: www.stwresources.com.
About Aqua Verde
Aqua Verde, LLC ("AV"), a newly formed business entity, offers cost effective and comprehensive water treatment and management solutions to producers of oil and natural gas along with the mining industry in the Rocky Mountain Region. AV provides onsite coordination of produced and clean water sampling, produced water cleaning, and equipment mobilization. AV provides individualized solutions to each customer, not a "one size fits all" service approach.
SOURCE STW Resources Holding Corp.