TETRA Technologies And Saltwerx, Llc Enter Into A Memorandum Of Understanding Regarding A Proposed Brine Production Unit In The Smackover Formation

Assorted news Published Jun 26, 2023

TETRA Technologies, Inc. ("TETRA" or the "Company") (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/844965/000095017023....

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.