THE
WOODLANDS, Texas, June 26,
2023 /PRNewswire/ -- TETRA Technologies, Inc.
("TETRA" or the "Company") (NYSE:TTI) announced that it has entered
into a Memorandum of Understanding ("MOU") with Saltwerx LLC
("Saltwerx"), an indirect wholly owned subsidiary of a Fortune 500
company, whereby they will pool certain of their respective brine
mineral rights in Arkansas'
Smackover Formation, in support of an application for an
approximately 6,000 acre Brine Production Unit ("Brine Unit") with
the Arkansas Oil & Gas Commission ("AOGC") and potential
bromine and lithium extraction from the brine produced from such
Brine Unit.
Contingent on Brine Unit approval by the AOGC, TETRA and
Saltwerx have agreed to collaborate in key areas, including
upstream design and development to optimize long-term brine
production, technology development for lithium extraction, and
associated engineering studies required to develop the proposed
Brine Unit. As part of the MOU, subject to AOGC approval of
the Brine Unit, TETRA and Saltwerx have agreed to work together to
negotiate operating, joint venture and/or joint development
agreements relating to the development of the Brine Unit.
Additional information may be found in the current report on
Form 8-K filed by the Company on June 23,
2023.
https://www.sec.gov/ix?doc=/Archives/edgar/data/844965/000095017023029677/tti-20230619.htm.
Company Overview
TETRA Technologies, Inc. is an energy services and solutions
company operating on six continents with a focus on bromine-based
completion fluids, calcium chloride, water management solutions,
frac flowback, and production well testing services. Calcium
chloride is used in the oil and gas, industrial, agricultural,
road, food, and beverage markets. TETRA is evolving its business
model by expanding into the low carbon energy markets with its
chemistry expertise, key mineral acreage, and global
infrastructure. Low carbon energy initiatives include
commercialization of TETRA PureFlow® ultra-pure zinc
bromide clear brine fluid that is used for stationary batteries and
energy storage; advancing an innovative carbon capture utilization
and storage technology with CarbonFree to capture CO2
and mineralize emissions to make commercial, carbon-negative
chemicals; and development of TETRA's lithium and bromine mineral
acreage to meet the growing demand for oil and gas products and
energy storage. Visit the Company's website at
www.tetratec.com for more information or connect with us on
LinkedIn.
Forward-Looking Statements
This press release includes certain statements that may be
deemed to be forward-looking statements. Generally, the use of
words such as "may," "will," "see," "expectation," "expect,"
"intend," "estimate," "projects," "anticipate," "believe,"
"assume," "could," "should," "plans," "targets" or similar
expressions that convey the uncertainty of future events,
activities, expectations or outcomes identify forward-looking
statements that the Company intends to be included within the safe
harbor protections provided by the federal securities laws.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain, such as statements about the
ability of the parties to successfully negotiate one or more
definitive agreements, the future relationship between the parties,
the approval of the application and Brine Unit by the AOGC, and the
ability to successfully and economically produce lithium and
bromine from the Brine Unit. These forward-looking statements are
based on certain assumptions and analyses made by the Company in
light of its experience and its perception of historical trends,
current conditions, expected future developments and other factors
it believes are appropriate in the circumstances. Such statements
are subject to a number of risks and uncertainties, many of which
are beyond the control of the Company. Investors are cautioned that
any such statements are not guarantees of future performances or
results and that actual results or developments may differ
materially from those projected in the forward-looking statements.
Some of the factors that could affect actual results are described
in the section titled "Risk Factors" contained in the Company's
Annual Report on Form 10-K, as well as other risks identified from
time to time in its reports on Form 10-Q and Form 8-K filed with
the Securities and Exchange Commission. Investors should not place
undue reliance on forward-looking statements. Each forward-looking
statement speaks only as of the date of the particular statement,
and the Company undertakes no obligation to update or revise any
forward-looking statements, except as may be required by law.
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SOURCE TETRA Technologies, Inc.