Aqua-Pure Ventures Inc., a recycler of oil field and shale gas wastewater, announced on Thursday that its wholly owned subsidiary, Fountain Quail Water Management, has received a contract to mobilize a ROVER unit at Cimarex Energy’s operations in the Permian Basin.
Cimarex is a Denver based independent oil and gas exploration and production company with principal operations in the Mid-Continent, Permian Basin and Gulf Coast areas of the U.S. This ROVER deployment marks the Company’s third ROVER unit contracted and its first independent one from the Company’s joint venture with Select Energy, FQS Ventures.
The Cimarex ROVER installation is expected to begin recycling produced water later this month. The ROVER unit is expected to receive up to 10,000 barrels of produced water daily. The agreement provides the use of a ROVER for an initial two well program, estimated to be three months’ work. After the wells are evaluated, it is expected that the ROVER will continue operations for the development phase, which is expected to last a full year. The agreement includes an option to add a second ROVER for the development phase. Given that this engagement has been initiated outside FQS Ventures, the full revenue and impact on earnings will be recognized on Aqua-Pure’s income statement.
“Momentum is building for water reuse and recycling, driving growing demand for our high performance ROVER units. Our first ROVER unit deployed earlier this year through FQS Ventures has reached a significant milestone, already recycling over 1 million barrels of produced and flowback frac water,” commented Richard Broderick, President of Fountain Quail Water Management and Chairman of FQS Ventures. “While FQS Ventures is not participating in this third ROVER placement, their pipeline of additional ROVER sales has been building, and we expect to receive additional ROVER orders before year end.”
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