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SOURCE Ridgeline Energy Services Inc.
Kerr Energy Contracts Will Be Direct With Ridgeline
Ridgeline to Add $ 4.5 Million in Annual Revenue
CALGARY AND SCOTTSDALE, AZ, April 25, 2013 /PRNewswire/ - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) a technology driven company operating in the waste water industry, today announces a Management Agreement with Kerr Energy ("Kerr") of Midland, Texas. Ridgeline will provide contracting services for the collection, treatment and disposal of oil and gas flowback and produced waste water in the Midland Texas area. Ridgeline projects growth due to the Agreement of about $ 4.5 Million annually.
The purpose of The Management Agreement is to allow RLE to manage KERR while a regulatory and due diligence audit is completed, and a definitive agreement to purchase all of the outstanding interest of KERR by RLE is drafted. The Agreement took effect on April 22nd.
KERR holds interests in certain contracts for the treatment and post processing sale of waste water in several key locations in the Midland market. RLE has been under contract and working with KERR on a subcontract basis. RLE will now assume all current business of KERR and sign contracts directly with the oil and gas producers.
In addition, Ian Kerr will join Ridgeline as General Manager of our Midland Operations which includes eastern New Mexico.
Dennis M. Danzik, Ridgeline CEO, stated. "It has been a great experience working with Ian Kerr on our ever expanding opportunities in western Texas and eastern New Mexico. Ian brings decades of experience and I am confident that he will build out our Midland Operations with great care, and will continue to build profitability. Having Ian on board fulltime as management in a rapidly growing market, is a real confidence builder. Ridgeline also benefits by now getting the direct contracting rights with some substantial new customers."
Mr. Kerr, will be establishing fulltime offices for Ridgeline in Midland in June. The office in Midland will manage water treatment based services and Ridgeline Facility management as well as expanded sales and operations staff.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a technology driven company operating in the waste water industry. The Company is applying proprietary technology to treat water generated from industrial and commercial waste water markets. These markets include a wide variety of clients across a broad spectrum of industries including oil and gas. Through its environmental consulting and remediation divisions, Ridgeline Environment has built a reputation as an established provider of environmental services to the Western Canadian oil and gas industry. Ridgeline GreenFill provides soil remediation and wet waste disposal services to the oil and gas industry. The Company trades on the TSX Venture Exchange under the symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange as "RL7".
ON BEHALF OF THE BOARD OF DIRECTORS
"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 news release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."
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