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Ridgeline Signs 5-year Water Treatment Contract
By: PR Newswire
Nov. 26, 2012 10:55 PM
Agreement to Treat Water from Operations in New Mexico, and Texas
CALGARY, Nov. 26, 2012 /PRNewswire/ - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE), (OTCQX: RGDEF), (FSE: RL7) an energy services and water treatment Company, today announced it has closed a 5 year contract to treat water in New Mexico, and Texas.
Tony Ker, CEO Ridgeline Energy Services stated "We are making progress in the oil and gas water treatment side of our business. We recently executed a five year contract to service our long time major oil and gas customer in the Leonard Shale region located in New Mexico. This new agreement calls for a minimum of 2,500 barrels per day and has the potential to increase significantly over the life of the contract."
Dennis M. Danzik, Ridgeline Executive Director stated "Water treatment in the oil and gas industry is clearly entering the tipping point. As hydraulic fracturing continues its rapid growth throughout North America, oil and gas companies are still facing growing challenges for the disposal of flowback and produced water. Disposal well pressures continue to rise, and transportation costs continue to accelerate. I also look for regulatory action to increase over the coming year, and continued consolidation of the salt water disposal business, especially in Southern and Western Texas. As the industry takes substantive steps to effectively address the regulatory mandates to treat and reuse water, Ridgeline is ideally positioned to address those needs with economical solutions. Ridgeline's great strength continues to be our diversity in the water treatment industry. As our industrial treatment sites grow, and revenues increase; our patience in the oil and gas industry will result in a growing market share, throughout North America."
The Company will be conducting a conference call at 8:30 a.m. ET on Tuesday, November 27, 2012. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789, or listen via a live Internet webcast on the Company's website at www.ridgelinecanada.com. A teleconference replay of the conference call will be available by dialing (877) 344-7529 or (412) 317-0088, confirmation code 10021452, through November 30, 2012. A webcast replay of the conference call will be accessible on the Company's website at www.ridgelinecanada.com for 90 days.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is an energy services and water treatment technology company. The Company is applying proprietary technology to treat water generated from industrial and commercial waste water markets. These markets include a wide variety of clients across a broad spectrum of industries including oil and gas. Through its environmental consulting and remediation divisions, Ridgeline Environment has built a reputation as an established provider of environmental services to the Western Canadian oil and gas industry. Ridgeline GreenFill provides soil remediation and wet waste disposal services to the oil and gas industry. The Company trades on the TSX Venture Exchange under the symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange as "RL7".
Additional information is available on the Company's website at: www.ridgelinecanada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"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 news release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."
SOURCE Ridgeline Energy Services Inc.
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