Mammoth Energy Announces Further Expansion of Pressure Pumping Fleet; Earlier Restart of Muskie Processing Facility; Fourth Quarter Earnings Call Scheduled
The Mammoth executive team has been actively engaging with customers, while hiring experienced staff and securing locations. Two of the new frac spreads being delivered will be deployed to Oklahoma's SCOOP/STACK while the new equipment additions announced today will be deployed to the basin where we see the greatest demand at that time, which may include the SCOOP/STACK, Permian or
Two of our initial three frac spreads remain contracted to Gulfport Energy (GPOR) through the third quarter of 2018 and strong customer demand has allowed Stingray Pressure Pumping, Mammoth's pressure pumping division, to staff its third fleet for deployment. As a result, beginning in March we expect that Stingray's original three fleets are expected to be fully utilized, underscoring the need for additional equipment and expansion. Given that all three of these fleets were actively maintained throughout the downturn and rotated through our long term contract, we do not expect any material expenses associated with returning our third fleet to service.
Due to recent increases in both the price and demand for sand, we have made the decision to restart our Muskie processing facility in
release its 2016 fourth quarter and full year financial results after market close on
Mammoth Energy is an integrated, growth-oriented oilfield service company serving companies engaged in the exploration and development of North American onshore unconventional oil and natural gas resources. Mammoth Energy's suite of oilfield product offerings include: completion and production services; natural sand proppant services; contract land and directional drilling services; and, remote accommodation services.
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Mammoth Energy Services, Inc., Attention: Don Crist, 4727 Gaillardia Parkway, Suite 200, Oklahoma City, Oklahoma73142, tel: 405-608-6048
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