The Chatsworth manufacturer of fluid processing systems for making edible oils, renewable fuels, alcoholic beverages and clean water has had operation in the basin, a large oil and natural gas producing area in Texas and New Mexico, since 2019. The company’s systems treat water used in hydraulic fracturing, or “fracking,” to drill wells.
Following setbacks connected with the coronavirus pandemic, the basin’s oil and natural gas industry is recovering, the company said in a release.
Neil Voloshin, chief operating officer at Cavitation, said that having just recently restarted water treatment operations, the company is currently treating about 8,000 barrels a day.
“However, as deployed infrastructure is quickly brought to full capacity, we expect production should increase to 25,000 (barrels a day) in the near term,” Voloshin said in a statement.
Shares of Cavitation closed up a fraction of a cent, or nearly 8 percent, to 9 cents on the over-the-counter market.