Blast Energy Services Refocuses Operations
23 November 2006 - 12:20AM
PR Newswire (US)
HOUSTON, Nov. 22 /PRNewswire-FirstCall/ -- Blast Energy Services
(OTC:BESV) has undertaken steps to focus its operations and
maximize use of its manpower resources toward the newly acquired
Drilling Services business. While the Company plans to maintain its
Satellite Communications and Down-hole Solutions businesses, it
will limit further expenditures toward these businesses until the
Drilling Services business is generating sufficient cash flow.
Additionally, the Board has added the newly created position of
Vice Chairman, which will be filled by current Blast director and
veteran energy service executive Roger P. (Pat) Herbert. "Blast
needs to allocate its limited resources toward growing revenue and
cash flow from the land drilling business, which we believe
provides the single best opportunity to generate value to our
shareholders," said Vice Chairman, Pat Herbert. "Meanwhile, our
exciting abrasive jetting business has reached a new milestone in
its development, so we will be taking some time to evaluate options
that could move it from a research project to a commercial
business." Blast recently completed a round of testing of its AFJ
technology with the Department of Energy at its Rocky Mountain
Oilfield Testing Center outside Casper, Wyoming. The results were
very encouraging in terms of validating the ability to cut
precision slots and windows through the steel casing in wells by
use of computer controlled directions from the surface. Video clips
from down-hole camera have been posted to the Company's website.
About Roger P. (Pat) Herbert: Mr. Herbert has served as a Blast
director since June 2005. He has worked in the energy services
business for nearly 30 years. He is currently a director and CEO
for JDR Cable Systems (Holdings) Ltd - a position he has held since
2002. Prior to that, he briefly served as COO of Petris Technology
after merging a company he founded in 2000, GeoNet Energy Services,
where is served as Chairman and CEO. Prior to 2000 Mr. Herbert
served as Chairman and CEO of International Energy Services. The
bulk of his career consisted of senior executive officer positions
for Baker Hughes Inc. (10 years) and Smith International Inc. (13
years). Herbert received his M.B.A. from Pepperdine University, his
B.S.E. from California State University-Northridge and is a
registered professional engineer in the State of Texas. About Blast
Energy Services, Inc. Blast Energy Services, Inc. is a publicly
traded company based in Houston. Our mission is to substantially
improve the economics of existing oil and gas operations through
the application of our worldwide licensed and proprietary
technologies. Our new major business, effective August 2006, is
conventional land rig drilling onshore USA with its own fleet of
drill rigs and crews. Using specially fabricated mobile drilling
rigs we intend to operate a commercially viable energy service
business, including: specialty casing cutting, perforation,
fracturing services and lateral drilling with the potential to
penetrate through well casing and into reservoir formations to
stimulate oil and gas production. This service should provide oil
and gas producers with an attractive, lower cost alternative to
existing well stimulation or horizontal drilling services.
Additionally, we are providing satellite services to oil and gas
producers. This service allows them to monitor and control well
head, pipeline or drilling operations through low- cost broadband
data and voice services from remote operations where conventional
land based communication networks do not exist or are too costly to
install. Please visit our website:
http://www.blastenergyservices.com/. Safe Harbor Statement Any
statements made in this news release other than those of historical
fact, about an action, event or development, are forward looking
statements. Forward looking statements involve known and unknown
risks and uncertainties, which may cause the Company's actual
results in future periods to be materially different from any
future performance that may be suggested in this release. Such
factors may include risk factors including but not limited to: the
ability to integrate and successfully operate the newly acquired
company, the ability to raise necessary capital to fund growth,
adequate liquidity to manage operations and debt obligations, the
introduction of new services, commercial acceptance and viability
of new services, fluctuations in customer demand and commitments,
pricing and competition, reliance upon lenders, contractors and
vendors, the ability of Blast Energy Services' customers to pay for
our services, together with such other risk factors as may be
included in the Company's filings on Form SB-2 and its periodic
filings on Form 10-KSB, 10-QSB, and other current reports.
CONTACTS: Blast Energy Services, Inc. John MacDonald (281) 453-2888
or (713) 725-9244 e-mail: DATASOURCE: Blast Energy Services, Inc.
CONTACT: John MacDonald, +1-281-453-2888, or +1-713-725-9244, Blast
Energy Services, Inc., Web site:
http://www.blastenergyservices.com/
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