TexCom to Offer Class II Nonhazardous Waste Disposal16-Aug-2011
to E&P Companies in the Eagle Ford ShaleHOUSTON, TX -- (Marketwire) -- 08/16/11 -- TexCom, Inc. (PINKSHEETS: TEXC), an environmental services company for the oil and gas industry, today announced that its wholly owned subsidiary, Eagle Ford Environmental Services, LLC has acquired an injection well and permit to operate a liquid disposal site in Atascosa County, Texas. Purchased from Manti Premier Waste Disposal, LP, the site will serve as the foundation to provide Class II non-hazardous oilfield waste disposal services to E&P companies operating in the Eagle Ford Shale, a prolific oil and gas producing region in South Texas.
With a completed injection well and the required permit already in place, the proposed new TexCom disposal site is ideally located adjacent to Highway 16, 18 miles south of Jourdanton, Texas and three miles north of McMullen County. The company plans to commence construction of the surface facilities immediately. Lou Ross, Chairman and CEO of TexCom, noted, "This new disposal site will position TexCom right in the heart of the Eagle Ford shale play and we should begin to see impacts from this site in the 4th Quarter of 2011."
According to RigData, the industry's trusted source for accurate and timely information pertaining to U.S. drilling activity, the number of drilling rigs operating in the Eagle Ford shale has risen from 42 in March 2010, to 177 in recent weeks. Data obtained from private sources tracking growth of Eagle Ford shale drilling has indicated that the number of drilling rigs in the play will soon surpass any other unconventional shale drilling plays, including Bakken, Barnett, Fayetteville, Haynesville, Marcellus and the Woodford.
Current TexCom customers at its M.B. Environmental Services subsidiary in Chambers County, Texas hold some of the largest drilling acreage positions in the Eagle Ford shale play. By leveraging these longstanding customer relationships, management believes it is in a position to capture a signfiicant portion of the drilling waste produced in the region. "The Eagle Ford shale will likely become the hottest drilling play in the United States and will generate enormous volumes of waste that will need to be responsibly handled and disposed. We look forward to the opportunity to provide our customers that same high quality service that they have come to depend on from TexCom to deliver over the past decade in East Texas," said Ross.
Concluding, he added, "TexCom has been aggressively seeking opportunities to expand our services footprint to promising new production areas that are benefiting from higher crude oil and gas liquids prices. This new disposal site represents a material growth opportunity for our Company. We look forward to providing much greater detail to our shareholders as we move the project forward."
About TexCom, Inc.
TexCom, headquartered in Houston, Texas, is a growth-oriented environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil & gas industry. TexCom is expanding its interests to disposal of nonhazardous industrial wastewater, serving the refining and petrochemical industries.
This press release may contain forward-looking statements, including information about management's view of TexCom, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of TexCom, Inc., its divisions and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on TexCom's future results. The forward-looking statements included in this press release are made only as of the date hereof. TexCom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, TexCom undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by TexCom.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
ELITE FINANCIAL COMMUNICATIONS GROUP
Dodi B. Handy
President & CEO
M.B. Environmental, LLC