CALGARY, ALBERTA--(Marketwire - Feb. 28, 2012) - GASFRAC Energy Services, Inc ("GASFRAC") (TSX:GFS.TO - News) has entered into a two year contract with BlackBrush Oil and Gas, L.P. ("BlackBrush") for the provision of GASFRAC's proprietary waterless LPG stimulation process in the Carrizo Springs area of the Eagle Ford formation. BlackBrush has over 900 drillable locations for Eagle Ford and other oil zones in this area.
BlackBrush was one of the first oil and gas production companies to use GASFRAC's stimulation technology when GASFRAC expanded into the U.S. in mid-2011. After realizing positive production results from wells employing the GASFRAC fracturing technology, BlackBrush has agreed to a longer-term partnership in order to secure GASFRAC equipment as demand for the technology grows.
"We are thrilled to enter into a partnership with a company like BlackBrush who are true innovators in the industry," said Zeke Zeringue, Chief Executive Officer of GASFRAC. "Their commitment to deploy GASFRAC's proprietary technology validates the superior reservoir results and environmental performance that we offer to our customers. This agreement builds our business substantially in the Eagle Ford area of Texas, a region where we see tremendous growth potential for GASFRAC."
Phil Mezey, Co-CEO at BlackBrush, is excited to announce this new partnership with GASFRAC, as "BlackBrush looked extensively for an alternative to "water fracs" as we recognized a definite problem in formation damage contributed by introducing water in the fracing process to the formations we are actively developing. Results from our first well with GASFRAC has seen oil production at a sustainable rate weeks earlier than with the standard water frac and we are seeing huge savings on disposal of frac fluids."
GASFRAC is in the process of opening a major operations hub in the San Antonio area to help facilitate the growth and expansion of its business in South Texas.
BlackBrush Oil & Gas, L.P. is a San Antonio-based oil and gas exploration and development company with a solid track record of value creation and is constantly acquiring quality upstream assets. An active operator in South Texas with over 130,000 acres and operating over 300 wells, two drilling rigs owned by affiliate companies, one workover rig owned by an affiliate company and operating over 80 miles of pipeline.
GASFRAC Energy Services, Inc is an oil and gas technology and service company headquartered in Calgary, Alberta and the sole provider of waterless gelled LPG fracturing technology in North America.
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