Aqua-Pure Announces Contract with Cimarex Energy for Installation of ROVER Unit
09 Octobre 2014 - 2:09PM
Business Wire
Aqua-Pure Ventures Inc. (“Aqua-Pure” or the “Company”)
(TSXV:AQE), a premier recycler of oil field and shale gas
wastewater, today announced that its wholly owned subsidiary,
Fountain Quail Water Management (“Fountain Quail”), has received a
contract to mobilize a ROVER unit at Cimarex Energy’s operations in
the Permian Basin. Cimarex is a Denver based independent oil and
gas exploration and production company with principal operations in
the Mid-Continent, Permian Basin and Gulf Coast areas of the U.S.
This ROVER deployment marks the Company’s third ROVER unit
contracted and its first independent one from the Company’s joint
venture with Select Energy, FQS Ventures.
The Cimarex ROVER installation is expected to begin recycling
produced water later this month. The ROVER unit is expected to
receive up to 10,000 barrels of produced water daily. The agreement
provides the use of a ROVER for an initial two well program,
estimated to be three months’ work. After the wells are evaluated,
it is expected that the ROVER will continue operations for the
development phase, which is expected to last a full year. The
agreement includes an option to add a second ROVER for the
development phase. Given that this engagement has been initiated
outside FQS Ventures, the full revenue and impact on earnings will
be recognized on Aqua-Pure’s income statement.
“Momentum is building for water reuse and recycling, driving
growing demand for our high performance ROVER units. Our first
ROVER unit deployed earlier this year through FQS Ventures has
reached a significant milestone, already recycling over 1 million
barrels of produced and flowback frac water,” commented Richard
Broderick, President of Fountain Quail Water Management and
Chairman of FQS Ventures. “While FQS Ventures is not participating
in this third ROVER placement, their pipeline of additional ROVER
sales has been building, and we expect to receive additional ROVER
orders before year end.”
For more information, please contact: info@aqua-pure.com or:
Karim TejaChief Financial Officer(403) 301 4123 ext 26
Yvonne ZappullaGrannus Financial Advisors, Inc.(212)
681-4108
About Aqua-Pure Ventures
Inc.
Aqua-Pure (www.aqua-pure.com) is the premier recycler of oil
field wastewater in North America. The Calgary and Texas based firm
has developed and commercialized a cutting-edge, cost effective
water recycling technology that transforms wastewater from a
liability to an asset. Aqua-Pure's oil and gas wastewater services
and technology solutions enhance environmental sustainability
through the utilization of patented and proprietary technologies.
The Corporation's common shares are listed on the TSX Venture
Exchange under the trading symbol "AQE."
About Fountain Quail Water
Management
Fountain Quail Water Management (www.fountainquail.com) provides
low-cost, practical recycling alternatives for both shale gas and
shale oil producers. The company is the global leader in recycling
shale gas flowback and produced water into fresh water for re-use.
Fountain Quail is wholly owned by Aqua-Pure Ventures Inc. and is
based in Roanoke, Texas.
Forward-looking Statements:
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Company’s future operations. Specifically, this release
contains forward-looking statements respecting expectations
for the time period of engagement for the third ROVER installation,
the expected volume to be processed from ROVER operations and the
expansion opportunities resulting from ROVER operations including
receiving additional ROVER orders. Forward-looking statements
consist of statements that are not purely historical, including any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such statements are subject to risks
and uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if
they do occur, what benefits the Company will obtain from them.
These forward-looking statements reflect management’s current
views and are based on certain expectations, estimates and
assumptions which may prove to be incorrect. A number of
risks and uncertainties could cause our actual results to differ
materially from those expressed or implied by the forward-looking
statements, including: (1) the performance of the ROVER in a new
area or shale play with different water characteristics, (2) the
success of the customer’s exploration and development program in
the area the ROVER is deployed (3) a downturn in general economic
conditions in North America and internationally, (4) the inherent
uncertainties associated with the demand for oil and gas,
(5) federal and local government regulations that affect the
oil and gas drilling industries (6) the risk that the Company does
not execute its business plan, (7) inability to finance operations
and growth (8) inability to retain key management and
employees, (9) ; an increase in the number of competitors with
larger resources, and (10) other factors beyond the Company’s
control; (11) the introduction of new technologies either in the
water reuse and recycling or in the amount of water used in
hydraulic fracturing operations; (12) the availability of more cost
effective sources of water These forward-looking statements are
made as of the date of this news release and the Company intends to
update such forward looking information in the Company's MD&A
in the event that actual results differ materially from such
forward-looking statements contained herein. Additional
information about these and other assumptions, risks and
uncertainties are set out in the “Risks and Uncertainties” section
in the Company’s MD&A filed with Canadian security
regulators.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
Aqua-Pure Ventures Inc.Karim Teja, (403) 301 4123 ext 26Chief
Financial OfficerorYvonne Zappulla, (212) 681-4108Grannus Financial
Advisors, Inc.info@aqua-pure.com
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