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To: E_K_S who wrote (45682)	11/28/2011 12:02:50 PM
From: Ditchdigger	Respond to of 78525

Taking a break, working in my crawl space :( ditch "the company estimates that on average 6.3 million gallons of water are used per fracking job. The company in its most recent presentation assumes that nearly 11,400 shale wells will be drilled in 2011, so that amounts to 71.8 billion gallons of water needed for fracking of wells." "Pittsburgh, PA — October 3, 2011 — Heckmann Corporation (NYSE: HEK, HEK.WS), a water solutions company focused on water issues, in particular, as water relates to oil and natural gas exploration and production, today announced the disposition of the current operations of its subsidiary, China Water & Drinks, Inc. (“China Water”), through the sale of nine of its 25 Chinese legal entities to Pacific Water & Drinks (HK) Group Limited (“PWD”). PWD is owned by Jon Olafsson, Co-Founder and Chairman of Icelandic Water Holdings Ltd. Heckmann received 10% of the outstanding shares of PWD in connection with the disposition. The operating entities sold were established and funded subsequent to the original acquisition of China Water in October 2008. Upon completion of this sale, Heckmann will pursue the abandonment of the remaining 16 Chinese legal entities that were part of its original acquisition of China Water. The Company expects to obtain certain tax benefits in connection with the abandonment, including net operating loss carry-forwards. The transaction closed on September 30, 2011 with no surviving representations or warranties. Heckmann will no longer have any business or operational exposure in China except its equity holding in PWD. As a result, Heckmann will record a one-time non-cash charge of approximately $25.0 million to eliminate the remaining China Water net assets and liabilities from the balance sheet in the third quarter of 2011. Chairman and Chief Executive Officer, Richard J. Heckmann stated, “With our positive view of our current core water business and the growth opportunities in the United States, we are pleased to put the China experience behind us. We are, of course, rooting for Jon's success and believe that over time our interest in PWD will reward our stockholders. The financial transaction, including the abandonment results, is an attractive solution for our Company, and allows us to focus on growing our core business domestically. We now have almost 1100 employees in the U.S., up from fewer than 30 a year ago. We believe that the water business as it relates to shale gas and shale oil production will continue to drive our growth. In addition, the customer reaction to our conversion to LNG powered vehicles, which we are now putting in service, has been very positive.” Jon Olafsson commented, “We are extremely pleased to announce our recent acquisition of China Water and Drinks. This is a central component to Pacific Water & Drinks and combined with our seasoned distribution and bottling experience will allow us to capitalize on the extraordinary opportunities that are available in the Chinese markets.” Additional details regarding the transaction can be found in Heckmann’s report on Form 8-K that will be filed with the United States Securities and Exchange Commission."