Eco-Stim Energy Solutions, Inc. (ticker: ESES) has completed work under its STACK pressure pumping contract. Given the current weakness of the U.S. Frac market, the Company has elected to suspend its U.S. Frac operations and significantly reduce its U.S. workforce in alignment with potential near-term opportunities, including pump down and miscellaneous pumping services. The Company also intends to pursue the sale of certain U.S. assets and use the proceeds to reduce its outstanding liabilities and improve liquidity.
In addition, the Company continues to conduct Frac operations under the current arrangement with its primary customer in Argentina. The Company also continues to work with Johnson Rice & Company L.L.C. and another internationally recognized investment bank regarding U.S. and Argentina strategic alternatives, respectively.
About EcoStim
EcoStim is an environmentally focused oilfield service and technology company offering pressure pumping and well completion services and field management technologies to oil and gas producers drilling in the U.S. and international unconventional shale markets. In addition to conventional pumping equipment, EcoStim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions and surface footprint.
