SCOTT, La., Dec. 15, 2010 (GLOBE NEWSWIRE) -- ESP Resources, Inc. (OTCBB:ESPI) (the "Company" or "ESP Resources"), a manufacturer, blender, distributor, and marketer of specialty chemicals and analytical services to the oil and gas industry, announced the expansion of chemical products and services to a major independent exploration and production company in the Eagle Ford Shale, whose lease acreage covers in excess of 300,000 acres.
The Company began supplying processing chemicals to the operator in October of this year for the newly completed Eagle Ford Shale wells. The operator currently has seven rigs that are drilling wells in the Eagle Ford Shale and has plans to double the drilling fleet during 2011. ESP Resources currently supplies several groups of production chemicals to eight wells that the operator has completed in the last four months, and the operator should complete four additional wells in the next month. In addition, the Company provides gas processing and condensate stabilization chemicals to the operator's central gathering plants (CGP). The operator plans to drill in excess of 1,000 wells in the next five years that will be flowing through 200 CGPs.
"The variations in the sedimentary rock in these shale formations create a significant amount of unpredictability in the completion and production process," stated David Dugas, President of ESP Resources. "Through the expanded use of our chemicals and services, this operator and other operators we supply are able to achieve more predictable and effective production techniques. We have increased sales to this customer an average of 20% per month for the last four months and expect our sales to more than double in 2011 compared to 2010," Dugas stated.
About .:
ESP Resources, Inc. is a publicly-traded petrochemical company (OTCBB:ESPI) headquartered in Scott, LA. Through its wholly owned subsidiary, ESP Petrochemicals, Inc., the Company manufactures, blends, distributes and markets specialty chemicals and analytical services to the oil and gas industry. ESP Resources supplies retail and wholesale specialty chemicals for a variety of oil field applications including production, drilling, waste remediation, cleaning, and waste water treatment. From its blending and distribution facilities, the Company distributes its product line throughout the oil and gas producing regions of Louisiana, Texas, Mississippi, Alabama, Arkansas and Oklahoma, both onshore and offshore. The wholesale division of the Company supplies specialty chemicals to several retailers operating in West Africa. The Company's senior management has over 100 years of combined operating experience in the petrochemical industry. More information is available on the Company's website at .
Legal Notice Regarding Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward-looking statements are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions or that events or conditions "will," "would," "may," "can," "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and actual results could differ materially from those in such forward-looking statements.
Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release. In evaluating these statements, you should consider the risks discussed, from time to time, in the reports we file with the U.S. Securities and Exchange Commission. For a discussion of some of the risks and important factors that could affect the Company's future results and financial condition, see the Company's Form 10-Ks and 10-Qs on file with the U.S. Securities and Exchange Commission.
CONTACT: ESP Resources, Inc. David Dugas, President (337) 706-7056 david.dugas@espchem.com