Environmental Energy Services, Inc. (EESV) Announces Closing of $10 Million Private Placement Memorandum
Posted on: Thursday, 17 August 2006, 12:00 CDT
BOISE, Idaho, Aug. 17 /PRNewswire-FirstCall/ -- Environmental Energy Services, Inc. (OTC Pink Sheets: EESV) announced today that a private placement memorandum has been closed in the amount of $10 Million. As briefed in the 10Q released for the 1st quarter of 2006, EESV made a commitment to lease approximately 45,000 acres in Van Buren, Cleburne and Conway Counties in Arkansas. Since that time approximately 56,000 acres in these counties have been leased.
The company has made all necessary payments and now owns the rights to the associated leases.
Many large gas producers have dubbed the Fayetteville Shale as the most exciting unconventional gas play in the country. The primary company developing in this area is Southwestern Energy , with approximately 883,000 net acres. It was recently reported that Southwestern Energy had completed 105 Fayetteville wells as of July 31, 2006. 54 of those wells were horizontal wells and 50 of the horizontal wells are currently producing.
"This acreage is a strategic play for EESV," said Douglas Holsted, President of EESV. "It shows we are moving forward with necessary tactics to adhere to and follow the strategy spelled out by the management team and will ultimately lead to increased shareholder value."
The company's holdings now include prime acreage in the heart of the Fayetteville Shale natural gas play -- it is relatively shallow and very near one of the two existing pipelines in the area. EESV has already begun integration efforts and intends to drill on the acreage in December 2006 or January 2007.
About EESV
Founded in 2001, Environmental Energy Services, Inc. is an environmental resources company focused on Energy and Solid Waste Management, spear-heading those industries with a combination of recognized experience and patented cutting-edge technology. Currently based in Boise, Idaho, EESV has locations and projects throughout North America.
This press release includes forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to matters such as prospects, anticipated operating and financial performance. Actual prospects and performance may differ from anticipated results due to economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the company, including risks of production variances from expectations, market volatility, the level of capital expenditures required to fund ongoing drilling initiatives and the ability of the company to execute its business strategy. These and other risks are described in the company's reports filed with the United States Securities and Exchange Commission. These forward- looking statements are made only as of the date of this communication and EESV undertakes no obligation to update or revise these forward-looking statements.
Environmental Energy Services, Inc.
CONTACT: Mike Thompson, Chief Operating Officer of Environmental EnergyServices, Inc., +1-208-342-0983, or mthompson@eesvinc.com
Web site: http://www.eesvinc.com/
Source: PRNewswire-FirstCall
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