Blast Energy Services Provides Updates on its Satellite and Abrasive Jetting Businesses
February 01 2006 - 6:30AM
PR Newswire (US)
HOUSTON, Feb. 1 /PRNewswire-FirstCall/ -- Blast Energy Services
(OTC:BESV) (BULLETIN BOARD: BESV) today reported that it has
achieved a significant turnaround in their Satellite business
during 2005. The Company expects to report more than a 50% increase
in satellite revenues over 2004 - contributing to a positive gross
margin for the first time in the annual results for this division.
Additionally, the Company has recently hired satellite industry
veteran, Eugene "Boo" Bonner, as a Senior Sales Consultant to bring
depth and experience to their satellite sales and marketing
efforts. Blast provides broadband satellite solutions to energy
companies throughout the world. "We are extremely pleased to have
someone of Mr. Bonner's experience and reputation join the team at
Blast," said Andrew Wilson, VP and GM of the Satellite Division.
"He is renowned in the industry for his fairness, integrity and
doing what is right for his customers. We look forward to his
contributions in continuing to grow our domestic and international
business." Mr. Bonner has over thirty years of communications
experience - beginning with the advent of undersea cable, through
analog microwave, digital microwave and satellite communications.
He began his career with Data Com, which became Stratus Global, the
largest independent satellite provider in the industry, and
subsequently he worked with Sola Communications where he built the
satellite business into a multi-million dollar division. He has
also been involved in many of the largest communications projects
conducted by major oil companies over that last 3-5 years,
including projects located in the Gulf of Mexico, Africa and
Brazil. With Blast, Mr. Bonner will be marketing the latest
generation of broadband satellite services powered by Very Small
Aperture Terminal (VSAT) technology that enables data, internet,
VoIP and video streaming exchange outside the limits of the public
telecom infrastructure, such as in remote drilling locations and in
offshore waters. Meanwhile, in the Company's down-hole services
business, construction of their first abrasive fluid jetting (AFJ)
rig is expected to be completed this week. Diagnostic testing and
surface casing cutting demonstrations are being planned for late
next week. Following the favorable completion of this shake down
phase, the rig is scheduled to be deployed to a job in Louisiana to
begin testing AFJ applications in a down-hole environment. Blast
plans to make a report to the public based on the results of the
abrasive cutting tests. In other related news, Blast Energy
Services has engaged Friedland Corporate Investor Services to
provide Investor Relations and Financial Marketing services with
the objective to increase financial community and investor
awareness. This will also support Blast Energy's intention to apply
for a listing on the American Stock Exchange (AMEX) during 2006. To
learn more about the services provided by New York-based Friedland
Corporate Investor Services, you may visit their website at:
http://www.friedlandworldwide.com/. Also, in another effort to
increase awareness among the members of the financial community,
Blast Energy's management will present at the National Investment
Bankers Association (NIBA) conference that will be held in Orlando
on February 16th & 17th. 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. First
Call Analyst: FCMN Contact: 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/
http://www.friedlandworldwide.com/
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