US Well Services Announces Nyx Clean Fleet® Contract with XCL Resources

HOUSTON, February 7, 2022 /PRNewswire/ — As previously announced, US Well Services (NASDAQ: USWS) (“USWS” or the “Company”) has entered into a contract to provide electrical pressure pumping services to XCL Resources, LLC (“XCL”) in the Uinta Basin. Under the terms of the agreement, USWS will provide a new Nyx Clean Fleet® to work for XCL on a contractual basis for up to three years if all optional extensions are exercised.

“US Well Services is thrilled to announce the deployment of the first all-electric fleet to serve the Rockies,” commented Joel Broussard, President and Chief Executive Officer of the Company. “XCL’s commitment to leveraging cutting-edge technologies to improve the efficiency and environmental impact of its completion program makes it an ideal partner for the USWS. We look forward to demonstrating the capabilities of Nyx Clean Fleet ® and deliver significant fuel savings as well as industry-leading reductions in noise and greenhouse gas emissions for them.”

“XCL is firmly committed to the responsible and efficient development of our asset base,” said Blake McKenna, President and Executive Vice President of Operations of XCL. “We look forward to deploying Nyx Clean Fleet® technology and beginning to leverage its ability to deliver cost savings, a reduction in our environmental footprint and advanced data capture capability to advance our completion program. in 2022.”

About US Well Services, Inc.
US Well Services, Inc. is a leading provider of hydraulic fracturing services and a market leader in electrical fracture stimulation. The company’s patented electric fracturing technology provides one of the first all-electric mobile well stimulation systems powered by locally supplied natural gas, including field gas directly from the wellhead. The company’s electric fracturing technology significantly reduces emissions and noise pollution while delivering exceptional operational efficiencies, including significant fuel savings for customers compared to conventional diesel fleets. For more information visit: www.uswellservices.com. Information on our website does not form part of this release.

About XCL Resources
XCL Resources is a private oil and gas company focused on maximizing risk-adjusted returns on assets that require efficient development.

Forward-looking statements
The above information includes “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. All statements, other than statements of historical fact, included herein relating to, among other things, the private placement and use of proceeds and the expected impact of the transactions on the Company’s financial condition and prospects, as where applicable, are forward-looking statements. These forward-looking statements can be identified by their use of words and phrases such as “may”, “expect”, “believe”, “intend”, “estimate”, “project”, “plan “, “may”, “anticipate”, “will”, “should”, “could” and similar terms and expressions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve certain assumptions, risks and uncertainties. These forward-looking statements represent the Company’s current expectations or beliefs regarding future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions, including those identified in this release or disclosed from time to time in the Company’s filings with the Securities and Exchange Commission (the “SEC”). i could cause actual results to differ from the Company’s expectations include changes in market conditions, changes in commodity prices, changes in oil and gas supply and demand, changes in demand for our services, availability of financing and capital, liquidity of the Company, compliance by the Company with the covenants of its credit agreements, actions of customers and potential customers, geopolitical events, crises of public health, such as a pandemic, including the COVID-19 pandemic and new potentially more contagious variants of COVID-19 such as the delta variant, equipment and personnel availability, supply chain volatility supply related to sand and water shortages, the potential cancellation or modification of the Company’s existing contracts with customers, and other factors described in the Company’s public disclosures and filings with the SEC, including those described under “Risk Factors” in our Annual Report on Amendment No. 1 to our Annual Report on Form 10-K/A for the year ended December 31, 2020 filed on May 17, 2021 and in our quarterly reports subsequently filed on Form 10-Q. As a result of these factors, actual results may differ materially from those indicated or implied by the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors appear from time to time and it is impossible for us to predict all of them.

contacts:
Well services in the United States
Josh Shapiro
Vice President, Finance and Investor Relations
[email protected]

Dennard Lascar Investor Relations
Lisa Elliot
(713) 529.6600
[email protected]

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SOURCE United States Well Services


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