SARASOTA, FL — (Marketwired) — 11/19/13 — Frac Water Systems, Inc. (OTCQB: FWSI) (“FWSI” or the “Company”), an oilfield services company focused on delivering superior water management solutions to the US Oil & Gas Industry, advises that due diligence activities are underway in order to determine which of three potential candidate projects will be selected as its first joint venture undertaking.
As previously announced, the Company acquired a guaranteed participatory interest in an initial project, plus first rights of refusal on two additional projects. Subsequently, FWSI management has been travelling extensively in recent weeks in order to visit the target regions and meet with area operators, local joint venture partners and related service providers in order to develop a feasibility assessment of all three project locations.
In related news, Company CEO, Nadine Smith will be attending this week–s 4th Annual Shale Play Water Management 2013 Conference, November 19-20 in Dallas, Texas (). The conference brings together leaders in the field and senior management from across the industry. The event is both ideally timed and located with many participants available to offer strategic insights that can directly impact future plans for the Company.
The FWSI business model is based on rapidly developing basin-wide water management vendor agreements in participation with multiple oil & gas exploration and production companies as well as other related operators including water service providers. Current activity levels at the target joint venture projects highlight significant basin-wide drilling underway in all three locations. Rotary rig counts published by Baker Hughes as of November 15th indicating the number of drill rigs exploring for oil and gas in the Texas-based Eagleford formation at 223, with North Dakota–s Williston region (containing the underlying target Bakken formation) at 177 rigs, and Colorado–s DJ-Niobrara basin with 50 rigs. The combined drilling activity in these three basins alone accounts for nearly one quarter of all onshore activity in the U.S. at present.
Company President & CEO Nadine Smith comments, “Under the terms of our joint venture agreement, we will be determining the initial project selection by December 9th, with further decisions on the option projects to follow shortly afterwards. The projects under review are clearly located in basins with significant horizontal drilling and hydraulic fracturing activity and producers in these locations are dealing with substantial water needs. We believe the proposed water service facilities under review have the ability to uniquely manage those needs from both a cost and benefit perspective. We are really looking forward to the conference this week, as we believe the insights we glean will be crucial to our decision making process.”
Additional details regarding Frac Water Systems, Inc., its business, agreements and related matters are filed as part of the Company–s continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission (“SEC”), and are available at the SEC–s website at . For more information, visit .
(OTCQB: FWSI)
Frac Water Systems Inc. (FWSI) is an oilfield service company focused on delivering innovative and environmentally responsible water treatment services to energy companies who are daily confronting the challenge of how to cost effectively manage water issues related to their oil & gas exploration and production activities. Operators within the USA and around the globe are experiencing a relentless need to responsibly manage the generation of large quantities of wastewater from activities in environments and water conditions that may differ dramatically across producing basins. FWSI has identified that the conscientious handling of flowback water generated from fracing, together with the longer term separation and disposal needs of produced water generated throughout the entire life of a well, presents an immediate and compelling business opportunity with long term upside potential. FWSI aims to offer Exploration & Production companies flexibly tailored, efficient, economical and scalable end-to-end wastewater treatment solutions designed to meet or exceed the environmental concerns of government, industry and the public alike. For more information visit: .
Information set forth in this press release contains forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in Frac Water System Inc.–s filings with the Securities and Exchange Commission available at: Frac Water Systems Inc. disclaims any obligation to update and revise statements contained in this news release and is current only to the date indicated in the particular press release. To the extent permitted by law, FWSI and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.
On Behalf of the Board,
Nadine C. Smith, CEO
Frac Water Systems, Inc.
FWSI Investor Relations
Tel: +1 (941) 330-6404
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