Haddington Ventures Invests in Eureka Resources
18 Apr, 2011, 12:39 ET
HOUSTON, April 18, 2011 /PRNewswire/ -- Haddington Ventures, L.L.C. and Eureka Resources, LLC, announced today that Haddington has made a strategic investment in Eureka, a wastewater treatment company based in Williamsport, Pennsylvania. The investment was made through Haddington Energy Partners IV LP, a private equity fund managed by Haddington.
Eureka Resources provides cost-effective wastewater treatment and disposal solutions that reduce the environmental impact of natural gas drilling in the Marcellus Shale. The Company plans to use the capital to further develop and expand its business, including assuming full ownership and operation of three vapor distillation (NOMAD) units that were previously under lease from Aqua-Pure Ventures, Inc. (AQE-TSXV). In addition, Eureka will have certain areas of northeastern Pennsylvania as its exclusive territory for deployment of Aqua-Pure's NOMAD technology.
"Eureka Resources is playing an important role in addressing the needs of natural gas operators working in the Marcellus Shale who need an environmentally-sustainable method for handling flowback water from hydrofracturing and produced water from drilling operations," said Haddington Managing Director John Strom. "Their experienced management team has built a strong organization that is the clear front runner in treating Marcellus Shale frac water, and we look forward to collaborating with them to move their business to the next level."
Mr. Strom noted that Eureka is the only company currently operating in Pennsylvania that exceeds the stringent discharge regulations enacted last year by the Pennsylvania Department of Environmental Protection.
"Drilling activity in the Marcellus Shale is projected to remain strong for the foreseeable future, providing our company with significant opportunities for growth," said Eureka President Dan Ertel. "We look forward to drawing upon Haddington's considerable expertise in the midstream oil and gas industry to help expand our role in this region and maximize our potential in the future."
About Haddington Ventures, L.L.C.
Haddington Ventures, L.L.C., through its private equity funds, generally makes control-oriented investments in companies focused on gathering, separation, processing, treating, compression, storage, and transmission of energy. Haddington is unique in that it is the only midstream energy fund in which all principals have substantial direct operating company experience, both in energy-related acquisitions and in energy infrastructure development. For more information, visit www.hvllc.com.
About Eureka Resources, LLC
Headquartered in Williamsport, Pennsylvania, Eureka Resources, LLC, provides wastewater treatment solutions to the natural gas exploration and hydrofracturing industry. Visit our website at www.eurekaresources.com.
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, the Company's plans, objectives, goals, strategies, future events, future bookings, revenue, or performance, capital expenditures, financing needs, plans, or intentions relating to acquisitions, business trends, executive compensation, and other information that is not historical information. Actual results, performance, or achievements could differ materially from those expressed in, or implied by, the forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements, which may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
SOURCE Haddington Ventures, L.L.C.
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