MIDLAND, Texas, Jan. 23, 2013 /PRNewswire/ -- STW Resources Holding Corp. ("STW") (STWS.PK), an oilfield services and water reclamation company, today announced that it has acquired a10% equity interest in Black Wolf Enterprises, LLC, a joint venture of Lone Wolf Resources, LLC and Black Pearl Energy, LLC.
Black Wolf currently commercializes the expertise and services of Lone Wolf and Black Pearl in West Texas and Eastern New Mexico, and intends to expand into South Texas during the first quarter of this year, according to STW. Lone Wolf Resources is an environmental and civil construction company operating in the oil and gas industry in the U.S. and abroad.
STW Chairman Stanley Weiner said, "The acquisition broadens our company's presence as a vertically integrated oilfield services company."
Black Wolf builds and provides services and maintenance for drill sites, reserve pits, frac ponds, roads, pit closings, liners, leak detection systems, and evaporation covers.. The company also offers turnkey services for permitted ponds, including surveys, engineering and design, as well as permitting for storage of produced and brine waters. It also uses Lone Wolf's proprietary technologies in the reclamation of hydrocarbon-impacted soils.
Weiner said that Black Wolf is currently negotiating multi-well packages with many of the largest oil and gas producers in West Texas. Based on the current growth and business development plan, it is estimated that Black Wolf revenue will exceed $3 million per month by year-end. Estimated revenue for 2014 is $40 million."Benefits to STW include recurring revenues from the joint venture’s business lines, as well as access to additional projects such as reclamation of oil-based cuttings and environmental remediation, Weiner said.
“The investment in Black Wolf is another milestone for STW, increasing our services as we become an established oilfield services company," Weiner said.
STW acquired its 10% interest in Black Wolf from Black Pearl, which provides environmentally friendly covers for the elimination of evaporation on frac ponds.
Please visit the Black Wolf Enterprises website at: www.bwe-llc.net
STW Resources Holdings Corp. 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), and the West Texas Delaware and Permian Basins (TX).
About Lone Wolf Resources, LLC:
Lone Wolf Resources is an environmental and civil construction company operating in the oil and gas industry. Originally formed by two large petrochemical companies for the remediation of a refinery declared as a super fund site, is now a privately held company. Lone Wolf Resources worked with the Department of Transportation and the Texas Commission on Environmental Quality to shape the standards for processing hydrocarbon-impacted soils to a reusable road base. Lone Wolf has completed projects internationally and throughout the United States, including the world's largest in-situ thermal remediation project.
About Black Pearl Energy, LLC:
Black Pearl Energy, LLC has developed an evaporation cover for the elimination of evaporation on frac ponds used throughout the oilfield. It is a conservation-friendly and economic method of preserving 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. Black Pearl also provides high quality liners with fusion-welded seams, quality control testing including air tests of seams and destruction testing.
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.