HOUSTON, May 18 /PRNewswire-FirstCall/ -- Blast Energy Services, Inc. (OTC Bulletin Board: BESV) announced today that they have deployed their proprietary applied fluid jetting ("AFJ") rig to Kentucky to begin working under a previously announced 100-well program with Resource Energy Technologies, LLC ("RET"). Under the terms of the RET agreement, Blast will earn a 40% share of the revenues generated from any increase in natural gas produced from the use of the AFJ rig on the field. Additionally, Platinum Minerals, Inc. ("Platinum") has expressed a strong interest in using Blast's AFJ service for a 20 to 30 well program in Eastern Kentucky on a cash-for-services basis. "The limestone formations in Kentucky are similar to the Austin Chalk in Texas, where our process had proved to be successful at improving oil and gas production. We expect to be very active in Kentucky over the next several months fulfilling our commitments under the RET agreement and by pursuing cash-for-service contracts with Platinum and other local operators," said John O'Keefe, President and CEO of Blast. The producing field operated by RET contains wells as deep as 1,200 feet with two separate producing zones, the Fort Payne and the Coniferous. Each zone has 20 to 40 feet of net pay which should allow Blast to jet laterally up to 90 feet in multiple directions at several intervals in each zone. Similarly, the wells operated by Platinum have multiple limestone pay zones in wells as deep as 2,400 feet. Representatives from Platinum are planning to visit the RET well locations in the coming week, and following a successful demonstration of the jetting process, we expect to contract with Platinum for services on fields they operate in Eastern Kentucky. Since successfully jetting several separate horizontal penetrations in wells operated by Reliance Oil and Gas in the Austin Chalk play in Texas, Blast has hired and trained a three-man rig crew on the AFJ operations and conducted further equipment upgrades to the rig to improve its operational effectiveness and consistency. During May 2009, Blast attempted some laterals in the Brown Dolomite formation in the Texas Panhandle, which were not successful. However, we plan to return to the area once the jetting procedure has been adapted for the down-hole environment encountered there. Website address http://www.blastenergyservices.com/ Safe Harbor Statement This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. 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 likelihood that the customer lawsuits result in meaningful proceeds, 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 its periodic filings on Form 10-K, 10-Q, and other current reports. Blast Energy Services, Inc. takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Blast. DATASOURCE: Blast Energy Services, Inc. CONTACT: John MacDonald of Blast Energy Services, Inc., +1-281-453-2888, or, +1-713-725-9244, Web Site: http://www.blastenergyservices.com/

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