MIDLAND, Texas, Feb. 19, 2014 /PRNewswire/ -- STW Resources Holding Corp. (OTC QB: STWS) ("STW") announced today that one of its wholly owned subsidiaries, STW Oilfield Construction ("Oilfield Construction" or the "Company"), is increasing personnel and equipment to meet demand.
Oilfield Construction deployed three additional spreads of equipment and crews in the first two months of 2014, bringing the number of full-time spreads in the field to three, which could signify a potential annual revenue run rate of $12+million.
"Oilfield Construction's foundation for growth is the demand for its services. To meet current demand, its roll-out strategy is to have 8 to 10 spreads operating by mid-year," said STW's Chief Operations Officer Lee Maddox, explaining, "currently, each of Oilfield Construction's spread has the potential to generate approximately $3 million to $3.5 million in revenue per year."
STW said that Oilfield Construction has seen steady growth since the hiring of the subsidiary's construction manager and lead salesperson. "We strategically chose our management of this division by hiring people with proven track records to develop a successful construction business through leveraging relationships, and delivering the skills and expertise for a quality product," said STW's CEO Stanley Weiner.
About STW Resources Holding Corp.
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 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 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 the 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 Holding Corp, 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. 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.