Global Green Matrix Corporation (the “Company”) – TSX Venture: GGX - today announced Q-4 2012 revenues of $335,272 as compared to revenues of $31,363 in Q-3 2012.
These revenues were realized through the Company’s 100% owned subsidiary 1503826 Alberta Ltd, operating as Intercept Rentals (“Intercept”). Intercept generates revenues from the rental & service of its two “BIG HEAT” water heating units. The Units use a proprietary and innovative technology that heats water required in the fraccing process by many companies in the oil and gas industry.
“From an operational standpoint, 2012 was a very successful year due to the recent increase in revenues. Considering the Company only acquired its first “BIG HEAT” unit for deployment in October of 2012, I am very pleased with the results. GGX recently added a second unit that is now fully operational and we anticipate next quarter’s revenues to surpass the current quarter. The Company is planning to have a total of 5 “BIG HEAT” units in operation by the fall of 2013.” stated Randy Hayward CEO.
About Global Green Matrix Corp. (www.globalgreenmatrix.com)
Global Green Matrix Corp. is an Oilfield Service Firm focused primarily on servicing oil and gas companies and their fraccing operations. The Company owns and operates through its wholly owned subsidiary Intercept Rentals truck and trailer mounted water heating units called the “BIG HEAT”. The Company rents these units to oil and gas companies, that use the “BIG HEAT” a highly efficient heating technology to heat water for fraccing operations. Global Green Matrix has two units with plans to add three more units by fall of 2013.
ABOUT INTERCEPT RENTALS: (www.interceptrentals.com)
Intercept Rentals is a registered trade name of 1503866 Alberta Ltd., a wholly owned subsidiary of Global Green Matrix Corp. The subsidiary company has obtained the exclusive right to own and operate a new patent pending technology that provides a highly efficient and safe method of heating water used by oil companies in their fraccing operations.
Year in Review for GGX
Last year has been fast paced for Global Green Matrix Corp. (GGX), especially since the purchase of an oil field service company called Intercept Rentals based in Alberta. After purchasing Intercept, the company signed an agreement for rights to a frac water heating technology that allows a much faster and more efficient method of heating water used in the fracking process.
Fracking refers to the procedure of creating fractures in rocks and rock formations by injecting fluid into cracks to open them further. The larger fissures allow more oil and gas to flow out of the formation and into the wellbore, from where it can be extracted.
“We received delivery of our truck mounted water heating unit called ‘Big Heat’, started working in Western Canadian oil fields in October of this year, and have recently taken delivery of one of three trailer mounted units,” says GGX president Randy Hayward. “Big Heat provides a mobile source of heat to keep this fluid at the appropriate temperature and can move from job to job quickly allowing it to be utilized most of the year.”
“The revenue derived from the rental of Big Heat is the beginning of a new and important source of revenue for the Company. We look forward to adding additional units in the near future to help us satisfy the growing demand of the oil and gas industry.”
The truck unit showed several Canadian oil companies that the GGX unit can heat 10 to 12 barrels of water per minute and achieve 65 to 80 degree rise in temperature. The technology achieves an efficiency rating exceeding 95 percent compared to most that average approximately 70 percent. The cost to operate the heating unit is low due to the use of propane compared to others that use diesel, a much more expensive fuel.
As far as overall market demand, GGX expects the high price of oil will continue to drive the expansion of shale gas production, and ensure higher demand for fracking services. The company expects to take delivery of its third unit early in the new year to fill the demand they are experiencing in Alberta.
“The U.S. market is in a boom for fracking and we have the rights to use this technology in Montana, Utah and North Dakota by agreement with the developer and manufacturer, Energy Heating LLC,” Hayward says.
Energy Heating LLC is located in Idaho, USA and has pending patents with regard to the technology.
GGX is excited about the competitive advantage the frac water heating technology provides in conjunction with the highly competent management, who are equally enthusiastic about the opportunities in both Western Canada and the U.S.
GGX’s share price is unbeatable even for investors who want to buy in on the ground floor.
“With our share price at $0.05 we are a good opportunity for investors, especially now that we are experiencing cash flow,” says Hayward.
GGX also announced the completion of several jobs with major oil and gas companies working in Alberta to heat water that is used for fracking purposes. Intercept Rentals will remain focused on obtaining additional work from companies presently working in Western Canada.
With projects ranging from: the conversion of municipal solid waste for energy production, recovering and recycling oilfield wastes, reclamation of contaminated soils and waste water and more, GGX is positioning itself at the cutting edge of environmentally responsible waste remediation and development.
“Our commitment to the customer and the planet is to provide green solutions for the oil and gas industry delivered with excellence in service,” says Hayward.