Calgary, Alberta / ACCESSWIRE / October 9, 2014 / 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: [email protected] or:
Karim Teja
Chief Financial Officer
(403) 301 4123 ext 26
Yvonne Zappulla
Grannus Financial Advisors, Inc.
(212) 681-4108
About Aqua-Pure Ventures Inc.
Aqua-Pure (http://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 (http://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.
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SOURCE: Aqua-Pure Ventures Inc.