UAT Group’s Subsidiary, H2O Processing, Announces Second Contract Valued Over $15.4 Million
Umbra Applied Technologies Group's subsidiary, H2O Processing, has secured a contract with Synergy Crude LLC to treat iron-contaminated crude oil, processing 1,500 bbls daily, aiming for reductions under 10 ppm. The contract could rise to 8,000 bbls daily, yielding an estimated $15.4 million annually. The initial monthly production value is projected at $250,000. This contract follows another recent agreement, totaling over $30 million this month. H2O Processing offers proprietary technology to address challenges in the oil industry and holds exclusive state permits in Oklahoma.
- Contract with Synergy Crude LLC for treating iron-contaminated crude oil worth an estimated $15.4 million annually.
- Initial monthly production valued at $250,000.
- Two contracts this month totaling over $30 million, indicating strong demand.
- H2O Processing has exclusive state-wide permit in Oklahoma for water treatment.
- None.
Denver, CO, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Umbra Applied Technologies Group, Inc’s (OTC Pink: UATG) subsidiary, H2O Processing, announced today that it has been contracted by Synergy Crude LLC to treat iron contaminated crude oil. Under the agreement, H2O Processing will treat an anticipated 1,500 bbls daily based on existing production. The contract specifies a reduction in iron contamination to under 10 ppm minimum so that product may be retailed to a U.S. pipeline. The newly signed agreement outlines an increase in production of up to 8,000 bbls a day totaling an estimated
H2O Processing Chief Executive Officer, Stan Abrams stated, “We are excited about the ability to provide a proprietary technology that solves a major problem for the oil industry. We continually strive to meet challenges and problems in the treatment of water and oil industries”.
H2O Processing is a manufacturing, research and engineering company, with extensive experience in the water treatment industry. With an expanding portfolio of intellectual property, the H2O team has just recently begun its expansion as a full-provider and manufacturer of mobile on-site and fixed commercial water and oil treatment solutions.
Synergy Crude LLC is based in Yoakum Texas with longstanding operations within the state spanning decades. Synergy is yet another U.S. oil production company effected by oil refineries recent move to significantly restrict the iron content and oxygenates of crude oil they accept. H2O Processing’s entrance into this sector introduces a much-needed solution, offering a reprieve to many oil producers that, until now, were unable to sell their oil into the pipeline. With H2O Processing’s proprietary treatment systems, the iron content and oxygenates can now be reduced and sold.
H2O Processing maintains the only state-wide permit in all 77 counties of Oklahoma, to treat deleterious water to non-deleterious water. The mobile platforms are fully automated and can be managed remotely by either H2O Processing from their headquarters in Denver or managed by the Company’s authorized service provider. Both mobile platforms to treat crude oil and contaminated water, are ready for commercial production and are now being delivered to market.
Chairman of H2O Processing parent company, UAT Group, Alex Umbra commented, “This announcement should prove just how timely and needed this technology is. I am incredibly proud of the H2O Processing team and it is nice to see their relentless pursuit of a solution deliver such incredible results to a global industry. They have not only created a valuable service but they have introduced technology that will have a measurable impact on the industry, our environment and potentially the prices consumers pay at the pump.”
For more information about H2O Processing, Inc. visit: https://h2oprocessing.com/
For more information visit www.uatgroup.com
Investor and Media Contact: info@uatgroup.com
About H2O Processing, Inc.
The company is located in Denver, CO and is an advanced water treatment technology company.
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Forward-Looking Information
This news release may include "forward-looking statements" including forecasts, estimates, expectations, and objectives for future operations including but not limited to its ability to conclude a business combination with a third party, sale of assets, return of capital or initial public offering and/or a secondary listing as a result of aforementioned and its ability to fund the exploration of its assets through the raising of equity or debt capital or through funding by a joint venture partner that are
subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of H2O Processing including but not limited to capital markets and securities risks and continued development success on technology. There can be and are no actual or implied guarantees that any of the above activities will be completed or completed on terms acceptable to the Company and its shareholders or approved by any regulatory authority having jurisdiction. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. H2O Processing does not assume the obligation to update any forward-looking statement, except as required by applicable law.
FAQ
What is the contract value of UATG's agreement with Synergy Crude LLC?
How much crude oil will H2O Processing treat daily for Synergy Crude LLC?
What is the anticipated initial monthly production value for UATG's contract?
How much total revenue has H2O Processing secured in contracts this month?
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