NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
CALGARY, Alberta, Feb. 08, 2018 (GLOBE NEWSWIRE) -- DIVERGENT Energy Services Corp. (“DIVERGENT” or the "Corporation") (TSX-V:DVG) is pleased to provide the following operations update.
TECHNICAL ADVISORY COMMITTEE (the “Committee”)
The Committee was established by the Board of Directors of Divergent to provide expertise and advice. The objectives of the Committee are to: (i) evaluate the Corporation’s existing artificial lift technologies for competitiveness, marketability and effectiveness; (ii) inform the Board of new/upcoming technological advancements in artificial lift; (iii) evaluate new artificial lift technologies; and iv) make recommendations to the Board regarding the aforementioned matters.
The Corporation is pleased to announce the following Committee members:
| Tommy Vineyard | President of Vineyard Consulting, specializing in pumping technology equipment. Mr. Vineyard has held senior and executive positions at Elite Multiphase Solutions LLC, Halliburton Energy, Global Oilfield Services, Borets Weatherford USA Inc. and WoodGroup. | ||||||
| Marcel Obrejanu | President and founder of Premium Artificial Lift Systems Ltd., Star Oil Tools Inc., Fluica Inc. and Dynamic Oil Tools Inc. specializing in production operations, completions and production optimization. Mr. Obrejanu holds 52 patents and patent applications related to oil well tools and pumps. |
LINEAR ELECTROMAGNETIC SUBMERSIBLE PUMP (the “Linear Pump”)
Prior to any installation, an improvement to the design of the pump has been recommended by a member of the Committee and will be incorporated into the fabrication and assembly of the pump. That modification is underway and further updates on the progress of an installation will be provided as they become available.
The renewal of the exclusivity contract with the overseas supplier of the motor is still under discussion and updates will be provided as they become available.
CONVENTIONAL ELECTRIC SUBMERSIBLE PUMP (“ESP”) OPERATIONS
The Corporation is pleased to announce that its Wyoming-based ESP operations had a strong fourth quarter and that the major contract awarded in October 2017 contributed to improved quarterly performance as compared to the three previous quarters. The overall industry sentiment for 2018 remains positive and our sales team is focused on gaining market share from both new and existing clients within Wyoming, Colorado, and Montana – specifically from those clients who are oil producers.
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, DIVERGENT Energy Services Corp. provides cost effective, innovative technologies and solutions for submersible pumping to benefit our stakeholders. DIVERGENT is committed to increasing client’s production while reducing operating costs and carbon footprint. Our Products include Electromagnetic Pumps, Electric Submersible Pumps, and Electric Submersible Progressing Cavity Pumps.
Neither the 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.
This press release contains forward-looking statements, including, without limitation, future installations of the Linear Pump, 2018 industry sentiment for ESP operations and discussions regarding the renewal of an exclusivity agreement. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. Forward-looking statements are based on estimates and opinions of management of the Corporation at the time the information is presented. The Corporation may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Corporation undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.