Apr. 12, 2011 (Filing Services Canada) -- Aqua-Pure Ventures (AQE - TSX Venture),a premier recycler of industrial wastewater in North America, today announced that it has entered into an exclusivity agreement with Eureka Resources LLC. of Williamsport, Pennsylvania, for up to $18 million.
Under the agreement, Aqua-Pure will receive an initial payment of $9 million and up to an additional $9 million in royalty payments based on the amount of water processed by the three Nomad units currently housed at Eureka's facility. In exchange, Eureka will assume full ownership and operation of the three Nomad units and will have certain areas of northeast Pennsylvania as it exclusive territory. Once payment of the total $18 million is made, Eureka can choose to continue its exclusivity agreement for an additional $125,000 per unit per year. The agreement also makes provision for further expansion on mutually agreeable terms.
"We have been working with Eureka for over a year and have been very impressed with their marketing and operational strength," said Jake Halldorson, Aqua-Pure's CEO. "I am very confident that Eureka Resources will continue to grow their highly successful business in the Marcellus Shale. This agreement gives Aqua-Pure additional capital that strengthens the Company's financial position as we pursue other interesting and potentially lucrative opportunities."
"Eureka provides the most cost-effective, and environmentally-sustainable alternative to wastewater disposal in the Marcellus Shale," said Eureka President Dan Ertel. "We are the only company currently operating in Pennsylvania that is exceeding the stringent discharge regulations enacted last year by the Pennsylvania Independent Regulatory Review Commission. This agreement demonstrates our confidence in Aqua-Pure's technology and the potential we believe Eureka exhibits as the leader in this very large opportunity in the Marcellus."
About Aqua-Pure Ventures Inc.
Aqua-Pure (www.aqua-pure.com) has developed and refined its patented, industry-leading technology for recycling flowback and produced water over the past seven years in North Texas' Barnett Shale. During that time, the Company has recycled more than 700 million gallons of shale gas wastewater that would otherwise have been injected into disposal wells and permanently removed from the hydrological cycle. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "AQE."
For more information, please contact rmagnus@aqua-pure.com or:
Richard Magnus
Chairman
Tel: (403) 301-4123
Cell: (403) 471-8733
This press release contains forward-looking information including but not limited to future development plans and anticipated operations. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include but are not limited to financing risks, risks arising from volatility in the oil and gas industry and ongoing operational risks.
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 release.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Source: Aqua-Pure Ventures (AQE - TSX-V) http://www.aqua-pure.com
To view this press release as a web page, click onto the link below:
http://www.usetdas.com/pr/aqua04122011.htm
Source: Aqua-Pure Ventures (AQE - TSX-V) http://www.aqua-pure.com
Maximum News Dissemination by Filing Services Canada Inc. http://www.usetdas.com