Allentown, PA - (NewMediaWire) - September 10, 2019 - American Energy Partners, Inc. (“American Energy”) (PINK: AEPT), a diversified energy company, has provided an update on its performance for the second half of 2019.
“The 2H guidance and our confidence in our long-term growth is based on the continued execution of our strategic goals,” said Brad Domitrovitsch, CEO of American Energy. “We believe our service business lines will be the primary driver of growth by means of our buy and build strategy, as well as an increasing customer base through our business development efforts.”
Since its acquisition of Hickman Geological Consulting, LLC in July of Q3, (“HGC”) American Energy is anticipating third quarter revenue to grow to $85,000. Year over year topline revenue continues to expand at a significant rate relative to past years, and the Company believes this trend will continue for the foreseeable future as planned cash accretive acquisitions are completed and those businesses come under the American Energy umbrella. Josh Hickman, COO of American Energy, states, “HGC has had continued growth in the third quarter since the Company’s acquisition by AEPT. HGC has seen an increase in expert witness projects, oil and gas valuations, mineral rights sales and investment project review, which has more than offset a slight contraction in revenue from geotechnical projects.” In regards to Gilbert Oil & Gas, LLC, (“Gilbert”) Mr. Hickman said, “In the third quarter Gilbert invested in the maintenance of our oil and gas wells to increase production in anticipation of higher gas prices in the fourth quarter. These efforts significantly increased production volumes from the prior quarter.”
The Company forecasts fiscal year revenue of no less than $200,000 compared to FY2018 revenue of $96,261. This anticipated increase marks over 100% year over year growth in annual revenue.
American Energy Partners, Inc. (AEPT)
AEPT and its group of companies focus on providing solutions in markets where energy production and water meet technology. Collectively, the subsidiaries are engaged in the energy sector as well as the design, construction and operation of regional water treatment facilities that serve the industrial, energy and government sectors.
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This press release contains forward-looking statements, particularly as related to, among other things, the business plans of AEPT, statements relating to goals, plans and projections regarding AEPT’s financial position and business strategy. The words or phrases “would be,” “will allow,” “intends to,” “may result,” “are expected to,” “will continue,” “anticipates,” “expects,” “estimate,” “project,” “indicate,” “could,” “potentially,” “should,” “believe,” “think”, “considers” or similar expressions are intended to identify “forward-looking statements.” These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. AEPT cautions readers not to place undue reliance on such statements. AEPT does not undertake, and AEPT specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from AEPT’s expectations and estimates.