Sustainable Environmental Technologies (SET Corp.) announced financial results for the year ended March 31, 2012 with net profits of $2.25 million—a turnaround from the loss of $355,439 for the year ended March 31, 2011. SET Corp. expects increased profits in the current fiscal year ending March 2013 from revenues generated from its Blue Bench saltwater disposal well (SWD) and its new SWD in Cartwright, N.D., in the booming Bakken Shale.
SET Corp.’s turn to profitability was the result of a 63% increase in revenue from the Blue Bench SWD, which is run and managed through its wholly owned Pro Water Utah LLC (PWU). The redesign and upgrade of the company’s Blue Bench SWD in Duchesne, Utah, increased capacity and efficiency for processing produced water from oil and gas wells while reducing truck wait times—ultimately saving time and money for its customers.
The Blue Bench SWD is currently operating at or near capacity. The company expects revenue from the SWD to remain consistent for the foreseeable future. The Cartwright SWD in the Bakken Shale is expected to begin production in approximately 90 days and will have a capacity of approximately 8,000-10,000 barrels per day.
Source: SET Corp.
