Hi-Crush Partners LP Announces Long-Term Contract with Liberty Oilfield Services
Houston, Texas - June 17, 2014 - Hi-Crush Partners LP (NYSE: HCLP), or Hi-Crush, today announced the entry into a five-year supply agreement with Liberty Oilfield Services, or LOS, an oilfield service company providing specialized stimulation services to optimize well production in high frac-intensity basins in the United States. The supply agreement requires LOS to pay a specified price for a specified minimum volume of frac sand each month.
"Hi-Crush is excited to enter into a long-term partnership with Liberty Oilfield Services," said James M. Whipkey, Co-Chief Executive Officer of Hi-Crush. "Their growing position in the Williston and DJ basins is important to us as we expand our logistics network throughout the United States. We look forward to serving their frac sand needs and growing with them in the years to come."
"LOS is pleased to enter into this long term sand supply agreement with Hi-Crush," said Chris Wright, CEO of LOS. "The product quality along with a growth plan matching our needs ensures that a large portion of LOS proppant needs are met well into the future. LOS currently provides industry leading hydraulic fracturing services because we have the best onsite performance, lowest HSE incident rate, lowest staff turnover rate and highest level of engineering and technical support in the Rocky Mountain Region and this commitment ensures our continued success and growth."
Hi-Crush is an integrated producer, transporter, marketer and distributor of high-quality monocrystalline sand, a specialized mineral that is used as a proppant to enhance the recovery rates of hydrocarbons from oil and natural gas wells. Our reserves, which are located in Wisconsin, consist of "Northern White" sand, a resource that exists predominately in Wisconsin and limited portions of the upper Midwest region of the United States. Hi-Crush owns and operates the largest distribution network in the Marcellus and Utica shales, and has distribution capabilities throughout North America. For more information, visit www.hicrushpartners.com.
Some of the information in this news release may contain 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 (the "Exchange Act"). Forward-looking statements give our current expectations, and contain projections of results of operations or of financial condition, or forecasts of future events. Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "could," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements. They can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Hi-Crush's reports filed with the Securities and Exchange Commission ("SEC"), including those described under Item 1A of Hi-Crush's Form 10-K for the year ended December 31, 2013 and any subsequently filed 10-Q. Actual results may vary materially. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the risk factors in our reports filed with the SEC or the following list to be a complete statement of all potential risks and uncertainties. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include: the volume of frac sand we are able to sell; the price at which we are able to sell frac sand; the outcome of any pending litigation; changes in the price and availability of natural gas or electricity; changes in prevailing economic conditions; and difficulty collecting receivables. All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. Hi-Crush's forward-looking statements speak only as of the date made and Hi-Crush undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Hi-Crush Partners LP