Mammoth Extends Contract with Gulfport Energy for Pressure Pumping Services
OKLAHOMA CITY, July 12, 2018 (GLOBE NEWSWIRE) -- Mammoth Energy Services, Inc. (“Mammoth”) (NASDAQ:TUSK) today announced that its wholly owned subsidiary, Stingray Pressure Pumping, LLC (“Stingray”), and Gulfport Energy Corporation (“Gulfport”) (NASDAQ:GPOR) have extended the term of their existing contract under which Stingray provides pressure pumping (“frac”) services to Gulfport to December 31, 2021 - an additional 39 months beyond the original September 30, 2018 termination date. The service area of the contract was also expanded to include both Ohio and Oklahoma and certain suspension rights were included.
Arty Straehla, Mammoth's Chief Executive Officer, stated, “We are very happy to extend our pressure pumping contract with Gulfport. Since the formation of our pressure pumping division in 2012, both Stingray and Gulfport have worked hard to increase efficiencies, which has significantly benefited both parties. We look forward to continuing this relationship for years to come.”
About Mammoth Energy Services, Inc.
Mammoth is an integrated, growth-oriented energy service company serving (i) companies engaged in the exploration and development of North American onshore unconventional oil and natural gas reserves and (ii) government-funded utilities, private utilities, public investor-owned utilities and co‑operative utilities through its energy infrastructure services division. Mammoth’s suite of services and products include: pressure pumping services, infrastructure services, natural sand and proppant services, contract land and directional drilling services and other services.
Investor Contact:
Don Crist – Director of Investor Relations
dcrist@mammothenergy.com
(405) 608-6048
Media Contact:
Peter Mirijanian
peter@pmpadc.com
(202) 464-8803
Forward-Looking Statements and Cautionary Statements
This news release (and any oral statements made regarding the subjects of this release) contains certain statements and information that include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “plan,” “estimate,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “potential,” “would,” “may,” “probable,” “likely” and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this news release may include statements, estimates and projections regarding Mammoth’s business outlook and plans, future financial position, liquidity and capital resources, operations, performance, including under Cobra’s utility infrastructure restoration and reconstruction contracts in Puerto Rico, acquisitions, capital expenditure budgets, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. These forward-looking statements are based on management’s current expectations and beliefs, forecasts for Mammoth’s existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Moreover, these forward-looking statements are subject to significant risks and uncertainties, including those described in Mammoth’s Annual Report on Form 10-K, Quarterly Reports on Form 10‑Q, Current Reports on Form 8‑K and other filings Mammoth makes with the Securities and Exchange Commission, which may cause actual results to differ materially from its historical experience and present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the failure to receive or delays in receiving governmental authorizations, approvals and/or payments; risks relating to economic conditions; delays in or failure of delivery of current or future orders of specialized equipment; the loss of or interruption in operations of one or more key suppliers or customers; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of our capital resources and liquidity; weather; natural disasters; litigation; competition in the oil and natural gas and infrastructure industries; and costs and availability of resources.
Investors are cautioned not to place undue reliance on any forward-looking statement which speaks only as of the date on which such statement is made. Mammoth undertakes no obligation to correct, revise or update any forward‑looking statement after the date such statement is made, whether as a result of new information, future events or otherwise, except as required by applicable law.
Released July 12, 2018