U.S. Well Services Announces Partnership with Northeast Natural Energy for Clean Fleet® Trial

Rhea-AI Summary

U.S. Well Services (NASDAQ: USWS) is set to commence operations on a 5 well pad in Monongalia County, West Virginia, for Northeast Natural Energy LLC (NNE). This marks NNE's inaugural well completion utilizing an all-electric hydraulic fracturing fleet, aimed at minimizing environmental impact. USWS President and CEO Joel Broussard stated that the proprietary Clean Fleet® technology offers significant advantages, including reduced costs, lower emissions, and enhanced safety. The partnership positions USWS as a leader in electric frac technology in the Appalachian Basin.

Positive

• Commencement of operations on a new well pad enhances revenue potential.
• Partnership with NNE highlights USWS's leadership in electric frac technology.
• Clean Fleet® technology promises reduced operational costs and environmental benefits.

Negative

• None.

HOUSTON, May 18, 2021 /PRNewswire/ -- U.S. Well Services (NASDAQ: USWS) ("USWS" or the "Company") today announced it is preparing to commence operations on a 5 well pad located in Monongalia County, W.Va.  for Northeast Natural Energy LLC ("NNE").  This project will be NNE's first well completion using an all-electric hydraulic fracturing fleet.

"Northeast Natural Energy is focused on minimizing the environmental footprint of our operations," said Mike John, CEO of Northeast Natural Energy.  "Utilizing an all-electric hydraulic fracturing fleet is a logical next step for us, and we have been exploring different options for some time.  When we learned we had an opening to work with U.S. Well Services, we jumped at the opportunity.  We are proud to be the first private equity backed exploration company in the Marcellus to use a new-generation all-electric fleet in our completions," John added.

"U.S. Well Services is excited to work with Northeast Natural Energy and introduce its proprietary Clean Fleet® electric frac technology to another leading E&P company in the Appalachian Basin," commented Joel Broussard, USWS' President and CEO.  "We believe our Clean Fleet® provides unrivaled benefits to our customers in the form of reduced completion costs due to fuel cost savings, lower greenhouse gas emissions, reduced noise pollution and enhanced safety.  We are pleased that Northeast Natural Energy has chosen to explore the possibilities that electric fracturing offers, and we are enthusiastic about delivering on NNE's behalf and expanding our relationship for the future."

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 Northeast Natural Energy, LLC
Northeast Natural Energy is a privately owned company founded in 2009 which is headquartered in Charleston, WV with operations focused exclusively on dry natural gas production in north central West Virginia. NNE's homegrown team of talented professionals are forward thinking and believe hard work and honest and open communications are the key to success in West Virginia. 
Visit us at northeastnaturalenergy.com

Contacts:	U.S. Well Services
	Josh Shapiro, VP, Finance and Investor Relations
	(832) 562-3730
	IR@uswellservices.com
	Dennard Lascar Investor Relations
	Ken Dennard / Lisa Elliott
	(713) 529-6600
	USWS@dennardlascar.com

 

 

View original content:http://www.prnewswire.com/news-releases/us-well-services-announces-partnership-with-northeast-natural-energy-for-clean-fleet-trial-301293297.html

SOURCE U.S. Well Services, Inc.

FAQ

What is the significance of U.S. Well Services' partnership with Northeast Natural Energy?

The partnership marks NNE's first use of an all-electric hydraulic fracturing fleet, demonstrating USWS's leadership in environmentally friendly technologies.

When did U.S. Well Services announce the new operations in Monongalia County?

U.S. Well Services announced the new operations on May 18, 2021.

What advantages does the Clean Fleet® technology from U.S. Well Services offer?

The Clean Fleet® technology offers reduced completion costs, lower greenhouse gas emissions, reduced noise pollution, and enhanced safety.

What is the stock symbol for U.S. Well Services?

The stock symbol for U.S. Well Services is USWS.

Where is the new well pad located for U.S. Well Services?

The new well pad is located in Monongalia County, West Virginia.