U.S. Well Services and Olympus Energy Finalize Electric Frac Contract

Rhea-AI Summary

U.S. Well Services (NASDAQ: USWS) has secured a contract with Olympus Energy LLC to provide electric pressure pumping services utilizing its Clean Fleet® technology. The agreement lasts through 2022, with potential extensions for two additional years. This partnership aims to enhance environmental stewardship and operational efficiency in the Marcellus and Utica shale regions of Pennsylvania. CEO Joel Broussard emphasized the mutual focus on sustainability and cost savings, showcasing the effectiveness of their electric frac technology in reducing emissions and fuel costs.

Positive

• Secured a long-term contract with Olympus Energy for electric pressure pumping services.
• Potential for contract extension for up to two additional years.
• Enhancement of operational efficiency and environmental stewardship through Clean Fleet® technology.
• Demonstrated success in electric fleet field trials.

Negative

• None.

HOUSTON, Feb. 18, 2022 /PRNewswire/ -- U.S. Well Services (NASDAQ: USWS) ("USWS" or the "Company"), a provider of hydraulic fracturing services and a market leader in natural gas-powered electric fracture stimulation, has entered into a contract to provide electric pressure pumping services for Olympus Energy LLC ("Olympus"), a developer of natural gas resources in the core of the Marcellus and Utica shale formations in southwestern Pennsylvania.  Under the terms of the agreement, USWS will operate a Clean Fleet® for Olympus on a contracted basis through 2022 and for up to two additional years if all optional extensions are exercised.

"U.S. Well Services is pleased to be partnering with Olympus under a long-term contract," commented Joel Broussard, the Company's President and CEO.  "We look forward to building off of the success we had during our electric fleet field trial in late 2021.  Olympus is a premier E&P operator in Appalachia, and has consistently demonstrated a focus on environmental stewardship.  Our Clean Fleet® technology will help Olympus achieve its environmental goals and realize fuel savings and other important health, safety, and environmental benefits."

"At Olympus, we actively seek out opportunities for improvement. The commitment to USWS's Clean Fleet technology is a prime example of the team's continuous efforts to reduce our environmental footprint, increase operational efficiency, and lessen any potential short-term impacts for the communities where we operate," commented Mike Wahl, Olympus Senior Vice President and COO. "We're proud to announce this partnership with USWS and to leverage their leading technology into our 2022 development program."

About U.S. Well Services, Inc.

U.S. Well Services, Inc. is a leading provider of hydraulic fracturing services and a market leader in electric fracture stimulation. The Company's patented electric frac technology provides one of the first fully electric, mobile well stimulation systems powered by locally-supplied natural gas, including field gas sourced directly from the wellhead. The Company's electric frac technology dramatically decreases emissions and sound pollution while generating exceptional operational efficiencies, including significant customer fuel cost savings versus conventional diesel fleets. For more information visit: www.uswellservices.com. Information on our website is not part of this release.

About Olympus Energy LLC

Olympus Energy LLC ("Olympus") is a privately held energy company headquartered in Canonsburg that specializes in upstream and midstream development of natural gas resources in the Appalachian Basin. Olympus has a scalable asset base in southwestern Pennsylvania, having assembled over 100,000 largely contiguous and operated acres within the core Marcellus, Utica, and Upper Devonian fairways. Visit www.olympusenergy.com for additional information.

Forward-Looking Statements

The information above includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, the private placement and the use of proceeds and the expected impact of the transactions on the Company's financial position and prospects, if at all, are forward-looking statements. These forward-looking statements may be identified by their use of terms and phrases such as "may," "expect," "believe," "intend," "estimate," "project," "plan," "may," "anticipate," "will," "should," "could," and similar terms and phrases. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent the Company's current expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are subject to certain risks, including the ability and willingness of the Organization of Petroleum Exporting Countries ("OPEC") and non–OPEC countries, such as Russia, to set and maintain production levels and prices for oil, and the impact of epidemics, pandemics or other major public health issues, such as the COVID–19 coronavirus, as well as the other risks, uncertainties and assumptions identified in this release or as disclosed from time to time in the Company's filings with the Securities and Exchange Commission (the "SEC"). Factors that could cause actual results to differ from the Company's expectations include changes in market conditions and other factors described in the Company's public disclosures and filings with the SEC, including those described under "Risk Factors" in its annual report on Form 10-K filed on March 11, 2021 and in our quarterly reports on Form 10-Q. As a result of these factors, actual results may differ materially from those indicated or implied by forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors.

Contacts:
U.S. Well Services
Josh Shapiro
Vice President, Finance and Investor Relations
IR@uswellservices.com

Dennard Lascar Investor Relations
Lisa Elliott
(713) 529.6600
USWS@dennardlascar.com 

Olympus Energy
Kimberly Price
Communications Director
kprice@olympusenergy.com

 

View original content:https://www.prnewswire.com/news-releases/us-well-services-and-olympus-energy-finalize-electric-frac-contract-301485508.html

SOURCE U.S. Well Services, Inc.

FAQ

What contract has U.S. Well Services signed with Olympus Energy?

U.S. Well Services has signed a contract to provide electric pressure pumping services using its Clean Fleet® technology for Olympus Energy.

How long will U.S. Well Services perform services for Olympus Energy?

The contract is effective through 2022, with potential extensions for up to two additional years.

What is the focus of the partnership between USWS and Olympus Energy?

The partnership focuses on environmental stewardship, operational efficiency, and reducing emissions using electric pressure pumping services.

What technology will be used by U.S. Well Services in the contract with Olympus Energy?

U.S. Well Services will utilize its patented Clean Fleet® technology to provide electric pressure pumping services.

When was the contract between U.S. Well Services and Olympus Energy announced?

The contract was announced on February 18, 2022.