2013-02-20 14:03:23 -
Calgary, Alberta CANADA, February 20, 2013 /FSC/ - Aqua-Pure Ventures (AQE - TSX Venture), ("Aqua-Pure" or the "Company") a leading oil field wastewater treatment provider, today announced that its wholly owned subsidiary, Fountain Quail Water Management ("Fountain Quail"), has received a contract to install two of its Nomad water treatment units at the operations of an independent oil and gas exploration and production company in the Permian Basin. Fountain Quail expects to begin processing water at the site in April 2013.
Fountain Quail's Nomad is a patented, state-of-the-art, semi-mobile brine concentrator that utilizes an evaporation process to treat water polluted with oilfield contaminants, returning distilled fresh water that can be reused on or near the site. Fountain Quail will initially
send two of its Nomad water treatment units to a production site in West Texas, to recycle wastewater generated during the process of extracting oil and natural gas from shale formations in the Permian Basin. Fountain Quail will receive compensation based on a rate per barrel of distilled water generated, with a minimum volume of 3,000 barrels of flow back and produced water per day, up to a maximum of 10,000 barrels per day. The contract term is one year with an option to extend the arrangement for two years. Fountain Quail estimates initial annual revenue in excess of $5.0 million from the engagement.
"This is our first opportunity to expand our operation into West Texas and the oil rich Permian Basin," commented Richard Broderick, head of business development for Aqua-Pure and Chairman of the Company's joint venture with Select Energy. "It is our privilege to be working with an innovative North American independent E&P operator. We look forward to bringing our industry-leading recycling technologies to a region where preserving fresh water is paramount."
About Aqua-Pure Ventures Inc.
Aqua-Pure (www.aqua-pure.com) is the premier recycler of industrial wastewater in North America. The Calgary-based oilfield engineering and services firm has developed and commercialized cutting-edge technology that transforms wastewater from a liability to an asset. Aqua-Pure's municipal and oil and gas wastewater services and technology solutions ensure 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 (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.
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Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's future operations. 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) a continued downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties associated with the demand for oil and gas, (3) federal and local government regulations that affect the oil and gas drilling industries (4) the risk that the Company does not execute its business plan, (5) inability to finance operations and growth (6) inability to retain key management and employees, (7) ; an increase in the number of competitors with larger resources, and (8) other factors beyond the Company's control. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is available in PDF. Please click on the following link to view the PDF file:
Source: Aqua-Pure Ventures (AQE - TSX-V) www.aqua-pure.com
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