Newpark forms 'Water Solutions' unit, picks up first contract

Newpark Resources Inc., a provider of oilfield drilling fluids, environmental waste treatment solutions, and temporary work sites and access roads announced the formation of Newpark Environmental Water Solutions LLC, a new operating unit that will commercialize a patented water treatment technology to which Newpark holds the exclusive license rights. On Dec. 6, the company took delivery of the first production unit employing the new technology at its Boulder, Wyo., water treatment facility...

Dec 16th, 2004

METAIRIE, LA, Dec. 15, 2004 (PRNewswire-FirstCall) -- Newpark Resources Inc., a provider of oilfield drilling fluids, environmental waste treatment solutions, and temporary work sites and access roads announced the formation of Newpark Environmental Water Solutions LLC, a new operating unit that will commercialize a patented water treatment technology to which Newpark holds the exclusive license rights.

On Dec. 6, the company took delivery of the first production unit employing the new technology at its Boulder, Wyo., water treatment facility. The new plant is expected to be operational in the first quarter of 2005 and will enhance water processing capacity at the facility by providing beneficial reuse of the production water received from the Jonah-Pinedale Field, located in the Greater Green River Basin in southwest Wyoming. This will allow the beneficial reuse or discharge of water processed under an NPDES permit.

The new technology facilitates the removal of dissolved solids from the wastewater stream before introduction into conventional treatment processes, rendering those processes much more effective and economical. First revenues are forecast for receipt in the second quarter of 2005.

James D. Cole, Newpark's chairman and CEO said: "We are actively pursuing other applications for this unique process technology within the oil and gas industry and in other selected markets. We expect that this market will begin to develop in 2005. Although it is premature to attempt to estimate the size of the market for this patented process, the clarification of water is a large and rapidly-growing worldwide market. We have concluded that sufficient market opportunity exists to support this as a fourth product line for Newpark. We will refine our outlook for this new business segment in future communications with investors."

For further information, see the company website at www.newpark.com.

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