Aqua-Pure Ventures Inc., which recycles wastewater from oil and natural gas drilling operations, won a contract with Pioneer Natural Resources Co.
Aqua-Pure’s Fountain Quail Water Management subsidiary will install two recycling water-treatment units at Pioneer operations in the Permian Basin in Texas, the Calgary-based company said today in a statement. The agreement in which a fee will be received based on how much water is treated will boost Aqua-Pure’s annual revenue by about $5 million, it said.
“This is our second engagement of this magnitude in the oil-rich Permian Basin,” said Richard Broderick, head of business development for Aqua-Pure. The company, whose shares climbed 16 percent today in Canada trading, the most intra-day in a month, is valued at C$10.1 million ($9.6 million).