HOUSTON, Oct. 26, 2018
/PRNewswire/ -- U.S. Well Services, LLC ("USWS"), a provider
of hydraulic fracturing services and a market leader in natural gas
powered electric fracture stimulation, today announced that it has
executed an agreement to provide electric fracture stimulation
services with Huntley & Huntley Energy Exploration, LLC (HHEX),
a developer of natural gas resources in the core of the Marcellus
Shale Formation in southwestern Pennsylvania. USWS expects to begin operations
for HHEX during the second quarter of 2019.
Under the terms of the contract, USWS will provide HHEX with
dedicated hydraulic fracturing services using its patented electric
frac technology. HHEX is one of two Exploration & Production
customers that USWS has agreed to provide electric frac services
for under recently awarded contracts, as previously announced on
October 1, 2018. USWS continues to
advance commercial contracts with numerous additional customers for
additional electric frac fleets.
Joel Broussard, Chief Executive
Officer of USWS, commented, "We are
excited to enter into this agreement with HHEX, a company that has
developed a strong reputation as an innovative, safe and
environmentally conscious operator. The agreement is another strong
validation of our proven and patented 100% electric-powered frac
technology that dramatically reduces noise while also reducing
emissions and providing significant fuel savings. We look forward
to working closely with the HHEX team to support even more
efficient and sustainable operations and production."
"We believe it is our duty and responsibility to continually
evaluate technologies that can reduce our environmental footprint,
increase operational efficiency and lessen any short-term
inconvenience for the communities in which we live and work,"
commented M. Chris Doyle, HHEX
President and CEO. "We anticipate a significant reduction in
emissions and noise with U.S. Well
Services' proprietary electric frac fleet, and we look forward to
deploying this leading technology on our sites in 2019."
As previously announced, USWS entered into a merger and
contribution agreement, dated July 13,
2018, with Matlin & Partners Acquisition Corporation
(NASDAQ: MPAC, MPACU, MPACW) ("MPAC"), a publicly traded special
purpose acquisition company, whereby USWS will combine with MPAC to
become a publicly listed company. Upon the completion of the
business combination, which is expected to close in the fourth
quarter of 2018, MPAC will be renamed U.S. Well Services, Inc. and
is expected to trade on the Nasdaq Capital Market under the ticker
symbol USWS. For more information, please visit
http://uswellservices.com/2018/07/business-combination-announcement/.
About USWS:
U.S. Well
Services, LLC's Clean Fleet ® technology provides one of the first
fully electric, fully mobile well stimulation system powered by
natural gas fueled by locally supplied field gas or alternative
natural gas sources. USWS' patented Clean Fleet technology
dramatically decreases sound pollution, which is vital in this day
and age as well as generates exceptional operational cost savings.
For more information visit: www.uswellservices.com
Huntley & Huntley Energy Exploration:
Huntley & Huntley Energy Exploration, LLC ("HHEX") is a
privately-held energy company that specializes in upstream and
midstream development of natural gas resources in the Appalachian
Basin. HHEX has a significant asset position in southwestern
Pennsylvania, having assembled
over 100,000 largely contiguous and operated acres within the core
Marcellus, Utica, and Upper
Devonian fairways. HHEX seeks to responsibly develop natural gas
resources, while serving as stewards of the communities where it
operates. Additional information on the company can be found at
http://www.huntleyenergy.com.
Additional Information About The Business Combination And
Where To Find It
MPAC has filed with the Securities and
Exchange Commission (the "SEC") a definitive proxy statement in
connection with the proposed business combination and other matters
and mailed a definitive proxy statement and other relevant
documents to its stockholders as of the record date established for
voting on the proposed business combination. MPAC's stockholders
and other interested persons are advised to read the definitive
proxy statement and any amendments thereto in connection with
MPAC's solicitation of proxies for its special meeting of
stockholders to be held to approve, among other things, the
proposed business combination, because these documents will contain
important information about MPAC, USWS and the proposed business
combination. MPAC's stockholders may also obtain a copy of the
preliminary or definitive proxy statement as well as other
documents filed with the SEC by MPAC, without charge, at the SEC's
website located at www.sec.gov or by directing a request to 520
Madison Avenue, 35th Floor, New York, NY Attention: General Counsel, or by
telephone at (212) 651-9500.
Participants in the Solicitation
MPAC and its
directors and executive officers, USWS and its directors and
executive officers, and other persons may be deemed to be
participants in the solicitations of proxies from MPAC's
stockholders in respect of the proposed business combination.
Information regarding MPAC's and USWS' directors' and executive
officers' participation in the proxy solicitation and a description
of their direct and indirect interests are contained in the
definitive proxy statement related to the proposed business
combination, and which can be obtained free of charge from the
sources indicated above.
Forward-Looking Statements
Certain statements
contained in this press release, which reflect the current views of
USWS with respect to future events, and any other statements of a
future or forward-looking nature, constitute "forward-looking
statements" for the purposes of federal securities laws. These
forward-looking statements include, but are not limited to,
statements with respect to the completion of the transactions
contemplated by the merger and contribution agreement between USWS
and MPAC and the future operating and financial performance,
business plans and prospects of the combined company as well as the
agreement with HHEX. In addition, any statements that refer to
projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions, are
forward-looking statements. Accordingly, forward-looking statements
should not be relied upon as representing MPAC's or USWS' views as
of any subsequent date, and neither MPAC nor USWS undertakes any
obligation to update forward-looking statements to reflect events
or circumstances after the date they were made, whether as a result
of new information, future events or otherwise, except as may be
required under applicable securities laws. There can be no
assurance that future developments affecting us will be those that
we have anticipated. You should not place undue reliance on these
forward-looking statements. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond
USWS' or MPAC's control) or other assumptions that may cause actual
events to be materially different from those expressed or implied
by these forward-looking statements. Other risks and uncertainties
are discussed in the definitive proxy statement filed by MPAC in
connection with the proposed business combination, including those
under "Risk Factors" therein, and in MPAC's prior and future
filings with the SEC, available at www.sec.gov.
No Offer or Solicitation
This news release is for
informational purposes only and does not constitute an offer to
sell or the solicitation of an offer to buy any securities, or a
solicitation of any vote or approval, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No portion of
MPAC's or USWS' websites is incorporated by reference into or
otherwise deemed to be a part of this news release.
Contacts
Meaghan Repko
/ Aaron Palash / Greg Klassen
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE U.S. Well Services, LLC
