Prometheus Energy and WPX Energy Sign LNG Services Agreement

HOUSTON, April 6, 2015 /PRNewswire/ -- Prometheus Energy Group Inc. ("Prometheus Energy"), the leading supplier of liquefied natural gas (LNG) to the industrial sector, today announced it has entered into a master services agreement with WPX Energy to supply LNG plus related equipment and services for WPX's initiative to utilizing clean-burning natural gas in its drilling operations. 

Prometheus will be supplying LNG fuel through its established North American LNG network, and providing onsite mobile LNG storage, vaporization equipment and technical services.  The agreement initially applies to WPX's operations in the San Juan basin and can be extended to Piceance operations as well.  WPX Energy has primarily utilized field gas over the past two years but has moved into acreage where field gas was not available.  Even with a 50-50 split alternating between field gas and LNG, the overall natural gas solution is significantly below diesel costs, even at currently depressed prices for distillate fuel according to both Prometheus and WPX.

"Prometheus led the development of LNG fueling of natural gas rigs in the E&P sector beginning in 2010 and has since supplied gas to forty (40) rigs and drilled more than 1200 wells using 100% gas from LNG.  We also supply several dual fuel frac spreads in the oilfield sector, as well as an increasing number of non-oilfield industrial customers.  At the time of commissioning of WPX, our delivered volume of LNG exceeded 100 million gallons, all within the last four years," said Jim Aivalis, CEO of Prometheus Energy.  "We are extremely pleased to partner with WPX Energy for the first time and look forward to providing them both LNG and field gas treatment systems in the near future."

"We are very pleased with the professionalism and competency of Prometheus Energy in responding to our rapid need for an LNG fuel solution.  Their long track record in the LNG fueling space really demonstrated that LNG solutions are safe, economical and reliable. They met our high expectations from the outset," according to Justin Stolworthy. "WPX Energy is committed to sustainability and environmental stewardship in everything we do.  We are actively expanding our experience with 100% gas drilling, and are very encouraged by the performance," added Justin Stolworthy, Drilling Engineer Team Lead/ San Juan Basin.

WPX Energy develops and operates oil and gas producing properties in North Dakota, New Mexico and Colorado. The company has a long history of innovation.

About Prometheus Energy

Prometheus Energy is one of the largest and fastest growing suppliers of liquefied natural gas (LNG) and integrated gas supply solutions to the industrial sector in North America.  Prometheus provides turnkey fuel solutions to convert industrial users of diesel, propane and other crude-derived fuels to clean, domestic, secure LNG and field gas when available, resulting in reduced fuel cost and environmental footprint.  The company is vertically integrated from LNG production through distribution, onsite storage, and vaporization. A pioneer in the industrial LNG market, Prometheus developed first-of-their-kind conversions of industrial fuel consumers to LNG in numerous sectors, and was named a Finalist in the 2014 Platts Global Energy Awards in recognition of its industry leadership for the second consecutive year. Prometheus Energy is privately held by Shell Technology Ventures Fund 1 B.V. and private funds managed by Black River Asset Management LLC, a wholly owned, independently managed subsidiary of Cargill.  For more information, please visit www.PrometheusEnergy.com

Contacts
Yvonne Landry
[email protected]
www.PrometheusEnergy.com

www.wpxenergy.com

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SOURCE Prometheus Energy

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