Blast Energy Services Unveils Its Intelligent Petro-Services Module
September 04 2008 - 4:19PM
PR Newswire (US)
HOUSTON, Sept. 4 /PRNewswire-FirstCall/ -- Blast Energy Services,
Inc. (OTC:BESV) (BULLETIN BOARD: BESV) has successfully
demonstrated its new remote sensing product that it believes will
dramatically improve the energy industry's ability to remotely
monitor and control their worldwide assets on a real-time basis.
Blast has demonstrated the Intelligent Petro-Services Module
("IPSM") to several potential customers, including representatives
from energy services companies and systems integrators, resulting
in requests for further demonstrations to decision makers and
introductions to a number of prospective high visibility customers.
"This demonstration highlighted the unique capabilities of the IPSM
to integrate incompatible sensor networks currently used in the
industry, connect them to the IP network and function as a remote
application server to maintain operations when all other
communications are severed. We are excited by the market potential
and favorable responses received from some of the leaders in this
field," said John O'Keefe, President and CEO of Blast. With the
convergence of several new technological breakthroughs, Blast can
now provide an integrated and intelligent solution whereby
operators can remotely monitor and control their wells, pipelines,
or other assets on a real-time basis over any standard IP network.
Blast has achieved this solution in part by enhancing the
capabilities of a broad range of Cisco routers. Blast has
integrated cost-effective remote computing, new communication
routers with proprietary software, the conversion of multiple
industry sensor protocols into one network standard, radio wave
over internet IP capability and policy rule engines. All of this
will allow customers to take immediate action to remedy the remote
event based on thresholds they have specified. Advantages of the
IPSM include: -- Providing the operator with an automated real-time
remote response to multiple events occurring in the field,
including the ability to immediately notify operations staff
anywhere over the IP network. -- Flexibility -- the module can be
cost-effectively installed on small field operations with just a
few sensors or scaled up to handle large operations managing
hundreds of different sensor types. -- Providing the operator with
an improved interface between existing remote sensor networks and
back-end applications through the IP network. These capabilities
can seamlessly upgrade a producer's existing network infrastructure
by converting multiple industry sensor protocols into one network
standard. Blast plans to schedule further demonstrations for
potential energy customers and attend select trade shows to promote
this new product. A slide show of the demonstration conducted last
week has been posted to our website. Satellite Services Meanwhile,
Blast has begun to re-grow its conventional Satellite
Communications business. During August 2008, Blast received an
initial purchase order for 12 satellite systems from a large
pipeline company which is expected to grow to a total deployment of
35 new systems. This total order represents a large increase in
Blast's installed base. Based upon the new business and repeat
business from customers, such as BP, Blast believes this business
unit should begin to generate a positive gross margin before year
end. Down-hole Solutions Blast's radial jetting rig is on stand-by
at the location of the five-well drilling program being operated by
Reliance Oil and Gas outside of Abilene, Texas. Heavy rains have
flooded the well sites, which delayed drilling operations for
several weeks. Reliance plans to deploy the Blast Rig #1 to
laterally complete the first well next week and expects to
horizontally jet all five wells in the program before the end of
September 2008. Meanwhile, operations have already commenced in
South Texas on wells Reliance is operating in the Austin Chalk
formation. Blast plans to move its rig to that area for a
twenty-well program after it has completed its work in Abilene.
Under the terms of the revenue sharing agreement, Reliance will
operate the lateral jetting rig at no cost to Blast and will share
50% of the revenues. The rig has been contracted at a gross rate of
$20,000 per well for the current five-well Abilene program, but
with success in stimulating production, the rate is expected to
double for the Austin Chalk. 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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