|By PR Newswire||
|January 7, 2013 04:37 PM EST||
LAFAYETTE, La., Jan. 7, 2013 /PRNewswire/ -- Green Field Energy Services, Inc. (CUSIP Nos.: 39304K AA4; U39065 AA2; and 39304K AB2), announced today that it has signed a global supplier agreement with GE Oil & Gas to deliver low-cost, cleaner burning power generation solutions to the oil and gas industry.
Under the agreement, GE will provide technology and equipment, including Electric Submersible Pumps (ESPs) used in artificial lift systems for oil and fluids production, modular CNG In A Box™ compressed natural gas systems and LNG production systems and more. Green Field, which is a leader in using natural gas to power turbine driven hydraulic fracturing and drilling equipment, will use these technologies in conjunction with its own fueling technologies, which can significantly reduce a site's environmental footprint and increase efficiency by replacing diesel fuel for power generation.
Green Field and GE have also signed a memorandum of understanding (MOU) on a technology collaboration that calls for the two companies to further investigate ways to make their technologies even more efficient when deployed together. Green Field will provide its proprietary technology, including its bi-fuel capability developed for use on its Turbine Frac Pumps, and GE will provide turbines that can be used for testing.
Michel Moreno, Chairman and CEO of Green Field, stated, "We're thrilled to be collaborating with GE, and we're proud that this global leader in energy and power generation recognizes the advancements we have made with our turbine driven technology. We believe our turbine driven systems are superior to other natural gas powered options because our bi-fuel engines are capable of running 100% on field gas. Therefore, making it simpler for our customers to convert from diesel to natural gas as a fuel source. Most natural gas powered solutions today generally still require diesel in the fuel mix in order to operate."
Mike Hosford, General Manager – Unconventional Resources, GE Oil & Gas said, "This collaboration may help us deliver innovative solutions that solve some of the biggest industry challenges, in particular, utilizing natural gas to power the oil field and reducing the environmental footprint of operations over diesel fueled power generation. By using Green Field's bi-fuel technology on the gas turbines, we have the potential to switch the power source at drilling sites to abundant, reliable, and cleaner-burning natural gas -- a source of energy that can help meet our world's growing energy needs for decades to come."
In conjunction with the collaboration, Green Field has secured commitments with two customers to conduct pilot programs to test power generation of oil and gas equipment utilizing natural gas produced onsite in the field.
The first pilot program will be for SandRidge Energy, Inc. Green Field will provide oilfield power on a SandRidge well in the Mississippian formation in Oklahoma with 100% field gas produced by that well. This test is expected to be conducted by year-end.
Greg Dewey, VP of Communications, commented, "We're excited to be part of this groundbreaking test in which our well will be producing on artificial lift without the use of an external fuel source to power the downhole pump. This technology has the potential to significantly reduce our operating expenses and our environmental impact at the same time."
The second pilot program is scheduled to begin in the first quarter of 2013 for Apache Corporation in the Granite Wash play in Texas. Green Field will power a 1500 horsepower land drilling rig using four 1-megawatt turbine engines running on field gas.
Mike Bahorich, Apache's EVP and Chief Technology Officer commented, "We have been closely following Green Field's development and we are excited to be taking the next leap forward with them by expanding the use of their technology to power drilling rigs. The ability to run drilling rigs on natural gas from our producing fields would allow us to reduce air emissions and lower our costs. This is a major initiative for Apache, which is the one of the largest oil and gas companies headquartered in the US."
Based on current energy prices, by using 100% field gas instead of diesel, an operator can lower its energy costs by up to 75%.
About Green Field Energy Services
Green Field is an independent oilfield services company that provides a wide range of services to oil and natural gas drilling and production companies to help develop and enhance the production of hydrocarbons. The Company's services include hydraulic fracturing, cementing, coiled tubing, pressure pumping, acidizing and other pumping services.
In December 2010, Green Field became the first company to provide hydraulic fracturing services utilizing turbine-powered pumping equipment. The Company believes that its technology provides several advantages over the diesel-powered pumping equipment generally utilized in the industry, including significantly lower emissions, a smaller operating footprint, lower manufacturing costs, lower operating costs and greater fuel flexibility, including the ability to operate on natural gas.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements may be identified by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. Forward-looking statements reflect our current views about future events, are based on assumptions, and are subject to known and unknown risks and uncertainties. Many important factors could cause actual results or achievements to differ materially from any future results or achievements expressed in or implied by our forward-looking statements. Many of the factors that will determine future events or achievements are beyond our ability to control or predict. These forward-looking statements reflect our views and assumptions only as of the date such forward-looking statements are made. You should not place undue reliance on forward-looking statements. Except as required by law, we assume no responsibility for updating any forward-looking statements nor do we intend to do so. Our actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements.
CNG In A Box is a trademark of the General Electric Company
Green Field Energy Services, Inc.
Rick Fontova, President
Ken Dennard / Ben Burnham
SOURCE Green Field Energy Services, Inc.
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