U.S. Well Services and Nine Energy Service Provide Update on Recent All-Electric Completion Project for Northeast Natural Energy
HOUSTON, Nov. 1, 2021 /PRNewswire/ -- U.S. Well Services (NASDAQ: USWS) ("USWS") and Nine Energy Service, Inc. (NYSE: NINE) ("NINE") today announced the successful completion of an all-electric field trial for Northeast Natural Energy ("NNE"). NNE leveraged USWS' patented Clean Fleet® fracturing technology to stimulate 589 total stages on nine wells across two pads, delivering an industry-leading low emission footprint as well as best-in-class completion efficiency.
Throughout the course of the project, NNE's company records for most hours, stages and total sand and water pumped in a 24 hour period were eclipsed. Additionally, USWS estimates that by using Clean Fleet® technology instead of conventional diesel fracturing equipment, NNE reduced its CO2-equivalent, NO2 and particulate matter emissions by 25%, 86% and 94%, respectively, and displaced approximately 1.5 million gallons of diesel fuel.
"We are very pleased with the results from our partnerships with U.S. Well Services and Nine Energy utilizing an all-electric fleet and electric wireline unit for the first time," said Criss VanGilder, Drilling and Completions Manager of Northeast Natural Energy. "We completed the longest laterals in our company's history on one of these locations, and the increased efficiency and reduction in emissions we experienced is something we are very proud of. We strive to be a leader in our industry in finding the most efficient and cleanest methods to complete our wells, and we are looking for more opportunities to utilize this technology," VanGilder added.
"We are extremely proud of what we were able to accomplish with NNE and Nine over the course of the project," said Joel Broussard, USWS' President and CEO. "NNE is among the earliest adopters of advanced completions technology, and we look forward to building off of our recent success together and partnering with them again to deliver the lowest-emission, most efficient well completions in the industry."
"We were extremely excited to be part of what was a successful completion of an all-electric pad with NNE and USWS," said Ann Fox, President and CEO of Nine. "Our wireline operations exclusively utilized turbine power and had no diesel usage for 46 days while completing 356 stages for NNE. At Nine, we continue to be focused on fielding technology that can both reduce GHG emissions, while maintaining or increasing efficiencies for our customers."
About U.S. Well Services, Inc.
U.S. Well Services, Inc. is a leading provider of hydraulic fracturing services and a market leader in electric fracture stimulation. The Company's patented electric frac technology provides one of the first fully electric, mobile well stimulation systems powered by locally-supplied natural gas, including field gas sourced directly from the wellhead. The Company's electric frac technology dramatically decreases emissions, sound pollution and truck traffic while generating exceptional operational efficiencies, including significant customer fuel cost savings versus conventional diesel fleets. For more information visit: www.uswellservices.com. Information on our website is not part of this release.
The information above includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, the private placement and the use of proceeds and the expected impact of the transactions on the Company's financial position and prospects, if at all, are forward-looking statements. These forward-looking statements may be identified by their use of terms and phrases such as "may," "expect," "believe," "intend," "estimate," "project," "plan," "may," "anticipate," "will," "should," "could," and similar terms and phrases. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent the Company's current expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are subject to certain risks, including the ability and willingness of the Organization of Petroleum Exporting Countries ("OPEC") and non–OPEC countries, such as Russia, to set and maintain production levels and prices for oil, and the impact of epidemics, pandemics or other major public health issues, such as the COVID–19 coronavirus, as well as the other risks, uncertainties and assumptions identified in this release or as disclosed from time to time in the Company's filings with the Securities and Exchange Commission (the "SEC"). Factors that could cause actual results to differ from the Company's expectations include changes in market conditions and other factors described in the Company's public disclosures and filings with the SEC, including those described under "Risk Factors" in its annual report on Form 10-K filed on March 11, 2021 and in our quarterly reports on Form 10-Q. As a result of these factors, actual results may differ materially from those indicated or implied by forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors.
U.S. Well Services
Vice President, Finance and Investor Relations
Dennard Lascar Investor Relations
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SOURCE U.S. Well Services
Released November 1, 2021