SCOTT, La., Feb. 28, 2011 (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 today that it has expanded chemical sales to Forest Oil Corporation ("Forest") to the state of Arkansas. In addition to its current chemical sales to Forest, ESP Resources began testing its foamer technology chemicals on several producing gas wells operated by Forest in Arkansas. The test wells reported significant increases in daily gas production. Based on the success of this initial foamer chemical supply program, the Company anticipates increased chemical sales to Forest as the test program expands. ESP Resources currently supplies production chemicals to Forest in several producing oil and gas fields located in Northwest Louisiana and Northeast Texas.
The Company's foamer technologies are specially designed to unload water (dewater) from gas wells. Dewatering is achieved reliably and efficiently to restore and enhance production. Through the use of predictive modeling and site-specific formulations, ESP Resources provides effective, economic solutions for maximizing gas production efficiency, thereby increasing profits from declining gas wells.
"Forest Oil Corporation has been a significant customer of ESP Resources for some time now. We currently supply a complete line of production chemicals to them in several producing oil and gas fields in Northeast Texas and Northwest Louisiana from our service region located in Longview, Texas," stated David Dugas, President of ESP Resources. "We appreciate the vote of confidence from Forest in allowing us to test the performance of our foamer technology chemicals on Forest operated wells located in Arkansas. We will supply chemicals and technical support to Forest from our recently opened service region located in Guy, Arkansas," Mr. Dugas stated.
About Forest Oil Corporation:
Forest Oil Corporation and its subsidiaries are engaged in the exploration, acquisition, development, production and marketing of natural gas and crude oil in North America and in selected international locations. Corporate headquarters are located in Denver, Colorado, with principal reserves and producing properties in Arkansas, Louisiana, New Mexico, Oklahoma, Texas, Utah, and Wyoming, and in Canada. Forest Oil Corporation was launched in Northwestern Pennsylvania in 1916, incorporated in 1924, and has been publicly held since 1969. The company's sales exceed $850M and it operates five distinct geographic business units, which include Canada, Eastern, Southern, Western and International. More information is available on the Forest Oil Corporation's Website at
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 & 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 & Exchange Commission.
CONTACT: David Dugas, President ESP Resources, Inc. firstname.lastname@example.org (337) 706-7056