HOUSTON, Dec. 1 /PRNewswire-FirstCall/ -- Blast Energy Services, Inc. (OTC:BESV) (BULLETIN BOARD: BESV) has raised additional funds for operational activities and working capital needs as their proprietary abrasive fluid jetting rig nears completion and deployment. The Company received $200,000 as the penultimate payment for the assignment of its old lateral jetting technology from Maxim TEP, Inc. Maxim has one additional payment due at year end for $215,000, for which Blast plans to settle a $250,000 judgment. Blast also received $75,000 today from the exercise of stock warrants. "We are on track to test the rig in the next few weeks and mobilize it to Louisiana for its first assignment," said David M. Adams president and Co-CEO. "This additional working capital will allow us to commercially deploy the rig after construction is completed and generate first revenues." Meanwhile, the Blast Rig #1 nears mechanical completion with final rig integration activities ongoing. The coiled tubing reel assembly is being prepared for shipment to receive 8,500 feet of one inch tubing and return for final integration on the rig structure. The formation access tool has been assembled, is fully functional on a mechanical basis, and is being programmed in Houston, Texas prior to being integrated into the program logic controls of the full rig. The coiled tubing and the formation access tool represent the last two remaining major components to complete Blast Rig #1. Additionally, recent surface tests of our proprietary jet nozzle indicated the potential to cut through granite rock at a rapid rate of one foot per minute. The rig was financed under a loan arrangement with Berg McAfee Companies, a major Blast shareholder. 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. 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 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. DATASOURCE: Blast Energy Services, Inc. CONTACT: John MacDonald of Blast Energy Services, Inc., +1-281-453-2888, or +1-713-725-9244, or Web site: http://www.blastenergyservices.com/

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