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.
Forward-Looking Statements
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.
Contacts:
U.S. Well Services
Josh Shapiro
Vice President, Finance and Investor Relations
IR@uswellservices.com
Dennard Lascar Investor
Relations
Lisa Elliott
(713) 529.6600
USWS@dennardlascar.com
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SOURCE U.S. Well Services