Blast Energy Provides Operational Update
04 June 2009 - 3:09AM
PR Newswire (US)
HOUSTON, June 3 /PRNewswire-FirstCall/ -- Blast Energy Services,
Inc. (OTC Bulletin Board: BESV) announced today that they have
experienced delays in getting their operations started in Kentucky
but expect to be jetting as early as this week. The first two weeks
encountered several mechanical and equipment problems, which
prevented any lateral jetting operations from being performed. To
remedy the issues, Blast has replaced its Operations Manager with
Charles "Buster" Watkins and has successfully implemented several
equipment changes and upgrades to avoid future delays. "We believe
that replacing the Operations Manager with a more experienced hand
along with certain upgrades to our equipment will allow us to move
forward with jetting operations this week," said John O'Keefe,
President and CEO of Blast. "We are striving to offer a jetting
process that has proven to be successful in the Austin Chalk
formation in South Texas and are certainly frustrated by these
issues impeding our progress." The mechanical issues included the
main rig engine overheating (repaired), the main triplex pump
failing to deliver sufficient fluid volumes (upgraded),
deficiencies in the construction of the flexible hose (upgraded),
an electronic sensor failure in the boom truck engine (returning to
service today), and an incorrect alignment of the weight indicator
on the rig (waiting on boom truck). It became clear during the
process that the mechanical problems were not being fully resolved
or were repeating themselves, so a change in leadership became
necessary. Blast deployed their proprietary applied fluid jetting
rig to Kentucky in May to begin working toward cash for services
contracts and a production sharing contract. Mr. Watkins has over
thirty years of oil field experience, including working as a
roustabout, mechanic, pumper, maintenance foreman and coiled tubing
operator. For the past eighteen years he had been employed by
Schlumberger where he became proficient in coiled tubing operations
and supervised the operations of a four unit coiled tubing fleet.
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, +1-713-725-9244, Web Site:
http://www.blastenergyservices.com/
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