HOUSTON, Oct. 1, 2018 /PRNewswire/ -- U.S. Well
Services, LLC ("USWS"), a technology-oriented oilfield service
company focused exclusively on hydraulic fracturing services and a
market leader in electric-powered fracture stimulation, today
announced that it has entered into an agreement with PW Power
Systems ("PWPS"), a group company of Mitsubishi Hitachi Power
Systems. Under the terms of the agreement, PWPS will provide FT8
MOBILEPAC® 30 megawatt mobile natural gas turbine generators
exclusively to USWS as it relates to power generation for
hydraulic fracturing. The MOBILEPAC® natural gas turbine package
with SWIFTPAC® technology is uniquely designed to provide highly
mobile and reliable power generation.
USWS plans to utilize these natural gas-powered mobile turbine
generator packages for all of its new build electric fleets. USWS
has scheduled its first two new build electric fleets to be
deployed for two Exploration & Production ("E&P") customers
during the first quarter of 2019 under recently awarded
contracts, the substantial terms of which have been
agreed but remain subject to finalizing legal documentation.
USWS is also in advanced discussions with a number of other leading
E&P companies to provide incremental electric frac fleets.
"We are building momentum as more customers continue to
recognize the benefits that our patented electric fleet technology
provides through substantial fuel cost savings, and from safer and
quieter operations that are less disruptive to neighboring
communities. Our two recent customer awards and advancing
discussions for additional electric frac fleets continue to support
our growth strategy," said Joel
Broussard, Chief Executive Officer of USWS.
Mr. Broussard continued, "The acquisition and exclusive use of
the MOBILEPAC® generators will strengthen our competitive
advantages and support our ability to capture increasing customer
demand for our electric frac fleets. These efficient, compact
generators are a key differentiator that will increase power
generating capacity, mobility and scalability for our next
generation of electric frac fleets while reducing our capital
costs. Our partnership with a world-class supplier like PWPS is a
validation of our disruptive and efficient technology. We are
pleased to partner with PWPS."
USWS also announced that it has commenced operation of its
11th fleet. The new equipment is working in the
South Texas Eagle Ford Shale trend under a long-term
contract.
As previously announced, USWS entered into a merger and
contribution agreement, dated July 13,
2018, with Matlin & Partners Acquisition Corporation
(NASDAQ: MPAC, MPACU, MPACW) ("MPAC"), a publicly traded special
purpose acquisition company, whereby USWS will combine with MPAC to
become a publicly listed company. Upon the completion of the
business combination, which is expected to close in the fourth
quarter of 2018, MPAC will be renamed U.S. Well Services, Inc. and
is expected to trade on the Nasdaq Capital Market. For more
information, please visit
http://uswellservices.com/2018/07/business-combination-announcement/
About USWS
U.S. Well Services, LLC provides high-pressure, hydraulic
fracturing services in unconventional oil and natural gas basins.
Both our conventional (diesel) and Clean Fleet® (electric)
hydraulic fracturing fleets are among the most reliable and highest
performing fleets in the industry, with the capability to meet the
most demanding pressure and pump rate requirements in the
industry.
USWS operates in many of the active shale and unconventional oil
and natural gas basins of the United
States and its clients benefit from the performance and
reliability of USWS' equipment and personnel. Specifically, all of
USWS' fleets operate on a 24-hour basis and have the ability to
withstand the high utilization rates that result in more efficient
operations.
USWS' senior management team has extensive industry experience
providing pressure pumping services to exploration and production
companies across North
America.
About MPAC
Matlin & Partners Acquisition Corporation is a special
purpose acquisition company incorporated in March 2016 for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses.
MPAC's strategy is to identify and acquire a business that is
misvalued in an industry impacted by market dislocation or
regulatory uncertainty, and whose market value and operating
results can be positively affected by its management team.
Additional Information About The Business Combination And
Where To Find It
MPAC has filed with the Securities and Exchange Commission (the
"SEC") a preliminary proxy statement and intends to file definitive
proxy statements in connection with the proposed business
combination and other matters and will mail a definitive proxy
statement and other relevant documents to its stockholders as of
the record date established for voting on the proposed business
combination. MPAC's stockholders and other interested persons are
advised to read the preliminary proxy statement and any amendments
thereto and, once available, the definitive proxy statement, in
connection with MPAC's solicitation of proxies for its special
meeting of stockholders to be held to approve, among other things,
the proposed business combination, because these documents will
contain important information about MPAC, USWS and the proposed
business combination. MPAC's stockholders may also obtain a copy of
the preliminary or definitive proxy statement, once available, as
well as other documents filed with the SEC by MPAC, without charge,
at the SEC's website located at www.sec.gov or by directing a
request to 520 Madison Avenue, 35th Floor, New York, NY Attention: General Counsel, or by
telephone at (212) 651-9500.
Participants in the Solicitation
MPAC and its directors and executive officers, USWS and its
directors and executive officers, and other persons may be deemed
to be participants in the solicitations of proxies from MPAC's
stockholders in respect of the proposed business combination.
Information regarding MPAC's and USWS' directors' and executive
officers' participation in the proxy solicitation and a description
of their direct and indirect interests will be contained in the
definitive proxy statement related to the proposed business
combination when it becomes available, and which can be obtained
free of charge from the sources indicated above.
Forward-Looking Statements
Certain statements contained in this press release, which
reflect the current views of USWS with respect to future events,
and any other statements of a future or forward-looking nature,
constitute "forward-looking statements" for the purposes of federal
securities laws. These forward-looking statements include, but are
not limited to, statements with respect to the completion of the
transactions contemplated by the merger and contribution agreement
between USWS and MPAC and the future operating and financial
performance, business plans and prospects of the combined company
as well as the agreement with PWPS. In addition, any statements
that refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, are forward-looking statements. Accordingly,
forward-looking statements should not be relied upon as
representing MPAC's or USWS' views as of any subsequent date, and
neither MPAC nor USWS undertakes any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws. There can be no assurance that future
developments affecting us will be those that we have anticipated.
You should not place undue reliance on these forward-looking
statements. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond USWS' or MPAC's
control) or other assumptions that may cause actual events to be
materially different from those expressed or implied by these
forward-looking statements. Other risks and uncertainties indicated
from time to time in the definitive proxy statement to be filed by
MPAC in connection with the proposed business combination,
including those under "Risk Factors" therein, and other factors
identified in MPAC's prior and future filings with the SEC,
available at www.sec.gov.
No Offer or Solicitation
This news release is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy any securities, or a solicitation of any vote or approval, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No portion of MPAC's or USWS' websites is
incorporated by reference into or otherwise deemed to be a part of
this news release.
Contacts
Meaghan Repko
/ Aaron Palash / Greg Klassen
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE U.S. Well Services, LLC