FFM Enters Into First Commercial Contract
20 Octubre 2011 - 3:19PM
Marketwired
(TSX VENTURE:FFM) - Formation Fluid Management Inc. ("Formation
Fluids") or ("the Company") is pleased to announce that it has
entered into its first commercial contract under an agreement with
a large Canadian oil & gas producer ("Partner") based in
Calgary, Alberta. The Formation Fluids Mobile Water Treatment Unit
has been contracted by our Partner to clean, desalinate, and
surface discharge 10,000 cubic metres (2,640,000 gallons) of
previously impacted surface water to Alberta Environmental
Standards.
In accordance with the contract, Formation Fluids will clean and
return the water to its natural source with minimal impact to the
environment. As we clean the produced water right at the source, we
reduce the need for trucking and disposal in excess of 70%.
Formation Fluids was contracted by our Partner as our
environmentally friendly approach to this project minimizes road
usage and reduces the associated risks during the transportation
process, while reducing costs at the same time.
The project and contract is expected to last approximately 10
days and will provide an excellent field demonstration of Formation
Fluids technology and capabilities while generating revenue for the
Company.
"We expect to commence this project on October 20th. We are
excited about our Partner's decision to take an environmentally
conscious approach and we are hoping for a continued, long lasting
relationship to preserve water in a cost effective fashion," said
Chance Radford, the Chief Operating Officer of Formation
Fluids.
About Formation Fluids
Formation Fluid Technology has developed a waste water treatment
plant that uses a proprietary process to clean waste water. The
system is mobile and can be scaled to process required volumes.
This system treats water to meet or exceed CCME Guidelines
(Canadian Environmental Quality Guidelines), resulting in reusable
water that can be used for: Boilers, Frac Water, Water Floods, and
Drilling Operations. Formation Fluids is seeking to service a
significantly underdeveloped segment within the oil and gas
industry; its waste water treatment system is intended to cost
effectively deal with produced water while satisfying the need to
reuse and recycle an increasing valuable resource. For more
information, please visit: www.formationfluid.com.
On behalf of the Board of Directors,
Chance Radford, Chief Operating Officer
FORWARD LOOKING INFORMATION
Certain information in this news release is forward-looking
within the meaning of certain securities laws, and is subject to
important risks, uncertainties and assumptions. This
forward-looking information includes, among other things,
information with respect to the Company's beliefs, plans,
expectations, anticipations, estimates and intentions. The words
"may", "could", "should", "would", "suspect", "outlook", "believe",
"anticipate", "estimate", "expect", "intend", "plan", "target" and
similar words and expressions are used to identify forward-looking
information. The forward-looking information in this news release
describes the Company's expectations as of the date of this news
release.
The results or events anticipated or predicted in such
forward-looking information may differ materially from actual
results or events. Material factors which could cause actual
results or events to differ materially from such forward-looking
information include, among others, risks arising from general
economic conditions and adverse industry events, risks arising from
operations generally, reliance on contractual rights such as
licenses and leases in the conduct of its business, reliance on key
personnel, market acceptance of the Company's products and
services, the need to protect intellectual property and other
proprietary rights, possible failure of the business model or
business plan or the inability to implement the business model or
business plan as planned, fluctuations in the cost of materials,
competition, environmental matters, and insurance or lack
thereof.
The Company cautions that the foregoing list of material factors
is not exhaustive. When relying on the Company's forward-looking
information to make decisions, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. The Company has assumed a certain
progression, which may not be realized. It has also assumed that
the material factors referred to in the previous paragraph will not
cause such forward-looking information to differ materially from
actual results or events. However, the list of these factors is not
exhaustive and is subject to change and there can be no assurance
that such assumptions will reflect the actual outcome of such items
or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE
TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Formation Fluid Management Inc. Toll Free Investor
Inquiries 1 (888) 818-1365info@fftinc.cawww.formationfluid.com
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