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NEWS:
RMOTC Partnership Successfully Tests New, Less Expensive Drilling Technology
Thursday November 30, 5:44 pm ET
CASPER, Wyo., Nov. 30 /PRNewswire/ -- The Rocky Mountain Oilfield Testing Center (RMOTC) and its partner Blast Energy Services Inc. (OTC Bulletin Boards: BESV) have successfully tested an innovative new oil and gas drilling technology that when commercialized should facilitate lower production costs and increased access to reserves.
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"It's our mission to partner with industry to help bring new ideas to the marketplace that can ensure clean, reliable and affordable supplies of oil and natural gas for American consumers," said Clarke Turner, RMOTC director.
The new technology is expected to provide oil and gas producers with an alternative to existing well stimulation services at a lower cost, while having the ability to access previously uneconomical reserves. Blast's prototype unit, primarily a modified coil tubing unit with an abrasive mixing module, combines water and fine abrasive sand and pumps this mixture through a nozzle at up to 17,500 pounds per square inch. It is designed to cut holes, slots and windows in existing well casing.
Down-hole video cameras, available at RMOTC, proved especially useful in this project. The camera's primary use was to verify the results of operations in the down-hole environment and to diagnose any problems that may occur. In this case, the camera verified that Blast's new technology was able to cut holes, slots and windows in the well casing and confirmed further penetration into the rock formations beyond the well casing.
"The use of the down-hole camera was an invaluable resource for this stage of our development," said David Adams, Blast president and co-CEO. "We were able to visually validate the technical success of the AFJ technology and verified that the surface program was exactly synchronized with the actual down-hole nozzle position."
Blast signed a Cooperative Research and Development Agreement with the U.S. Department of Energy in October. This agreement provided for Blast to test in up to five wells to evaluate its new technology. The parties plan to continue this project at the RMOTC site in the spring of 2007.
"We are extremely pleased with the test of the abrasive cutting tool and are looking forward to additional testing at our facility next spring," said Matt Slezak, RMOTC project manager. Blast achieved about 80 percent of the testing planned before the winter weather caused them to suspend operations.
RMOTC is a Department of Energy field test site for emerging and developing technologies to address critical energy industry issues. The field test site is a 10,000-acre operating oil field offering a full complement of associated facilities and equipment on site. There are approximately 1,200 well bores and approximately 600 producing wells ranging in depth from 500 to 5,000 feet.
Blast is a Houston-based company whose mission is to substantially improve the economics of existing oil and gas operations through the application of worldwide licensed and proprietary technologies.
Source: Rocky Mountain Oilfield Testing Center; Blast Energy Services Inc.
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· Blast Energy Services Refocuses Operations - PR Newswire (Wed Nov 22)
· Blast Energy Services Successfully Tests Casing Perforation Technology at RMOTC - PR Newswire (Tue Nov 21)
· BLAST ENERGY SERVICES, INC. Files SEC form 10QSB, Quarterly Report - EDGAR Online (Fri Nov 17)
· BLAST ENERGY SERVICES, INC. Files SEC form 8-K, Other Events, Financial Statements and Exhibits - EDGAR Online (Fri Nov 3)
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SYBD looks like a good boosh possibility.
My prediction is that we'll have 5 rigs under contract within 60 days and the mobile rig will be a profit maker. I'll also predict AMEX listing by the end of 2007 and a $3 to $5 share price.
BESV just seems cheap anywhere under .70 and under .50 seems ridiculous. I just picked up a little more at .48. I feel like it's about to turn up.
This is big news for CPTC and is apparently only known by those observing RB and those that have read any of several newspapers that have printed it. Should be interesting, for sure. Good luck.
Preliminary news on CPTC posted by Derx on RB:
« CPTC Message list | Reply to msg. | Post new msg. « Older | Newer »
By: derxanman
22 Nov 2006, 09:58 PM EST
Msg. 59502 of 59586
Jump to msg. #
Early Thanksgiving News!
http://www.statesman.com/business/content/business/stories/technology/11/23/23wind.html
Round Rock to get wind turbine project
Alliance between TECO-Westinghouse and California firm will be announced Monday
By Shonda Novak, Robert Elder
AMERICAN-STATESMAN STAFF
Thursday, November 23, 2006
A major wind-energy production alliance is scheduled to be announced Monday in Round Rock, adding to the state's growing profile in the wind business.
TECO-Westinghouse Motor Co., a leading manufacturer of electric motors and generators, will announce an alliance with a California company to produce wind turbine components at its Round Rock facility.
TECO-Westinghouse employs 300 people at its plant and said it could add 100 to 150 more workers, depending on the orders generated by its partner, Irvine, Calif.-based Composite Technology Corp.
The alliance is expected to substantially increase TECO-Westinghouse's annual revenue, which was $102.3 million last year, according to online financial site Hoovers.com.
Gov. Rick Perry said the announcement is good news because it will create more jobs in the Round Rock area and will solidify Texas' long-term position in the energy industry.
At a recent news conference with Perry, representatives of the wind industry said they were ready to invest $10 billion over the next five to seven years in wind projects in Texas, assuming the state has the transmission capability to get that wind-generated energy to market.
"So this announcement by TECO-Westinghouse and Composite Technology ties in very nicely with that ongoing commitment by the private sector to renewable energy," Perry said through spokeswoman Kathy Walt. "It's further evidence that the private sector is committed to helping the state meet its growing energy needs, and it also furthers the diversification of energy production. . . "
Texas already has more wind-generation capacity than any other state.
Almost one-fourth of all wind power installed in the U.S. is in Texas, where it supplies more than 2 percent of the state's electric needs — enough to power more than 500,000 homes with clean energy, said Susan Williams Sloan, spokeswoman for the American Wind Energy Association, a trade group.
Nationwide, wind power is expected in 2006 to provide up to 20 percent of the new capacity installed in the country, making it the second-largest source of new power generation after new natural gas plants, according to the Energy Information Administration.
"This is a growing industry, and such an alliance can help build on Texas' position as a leader in wind power," Sloan said.
In 2005, the North American wind turbine market saw record growth, breaking the $3 billion barrier. The market is expected to more than double to just under $7.5 billion in 2010.
Two billion dollars worth of new wind-power projects are being installed in Texas during 2006 — more than the combined total of new power plant installations from all other sources (such as coal, natural gas and nuclear power).
" The more expertise we build in this technology, the more likely we have future opportunities to grow that technology and use in Texas," Sloan said.
Hsien-Chun Meng, the president of TECO-Westinghouse, said the alliance will be divided into two phases — manufacturing turbines and later providing supply-chain operations by coordinating manufacturing, wholesale and retail elements of the project.
TECO-Westinghouse is a subsidiary of Taiwan-based TECO Electric & Machinery Co. Ltd.
The company started as the Westinghouse Motor Co. in 1988, a joint venture between TECO and Westinghouse Electric. TECO acquired complete ownership of the company in 1995.
Composite Technology officials declined to comment on the alliance.
Composite Technology is a development-stage company that has mostly sold a special kind of cable for electric utility lines. Its shares trade on the bulletin board exchange for companies that don't meet the financial standards of major exchanges such as the Nasdaq National Market.
Composite Technology filed for Chapter 11 bankruptcy reorganization in May 2005, a process that was completed in November of that year. The company paid millions of dollars to creditors in cash and stock to resolve the bankruptcy.
In 2005, the company reported a loss of $40.1 million on $1 million in revenue, mostly due to resolving the bankruptcy and to accounting changes.
In June 2006 the company acquired EU Energy PLC, a British developer and manufacturer of wind energy turbines.
The company said in a regulatory filing in September that it has an "order backlog for our next generation (wind) turbines." In October, Composite Technology said it had signed an agreement to license wind turbine technology from GE Infrastructure International, a leading player in the wind turbine business.
relder@statesman.com; 445-3671
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Level II is shaping up some. There 5 MMs on the bid at .51 and only one offer at .52, then .58 is the next offer showing.
Source: Blast Energy Services, Inc.
Blast Energy Services Refocuses Operations
Wednesday November 22, 8:20 am ET
HOUSTON, Nov. 22 /PRNewswire-FirstCall/ -- Blast Energy Services (OTC: BESV - News) has undertaken steps to focus its operations and maximize use of its manpower resources toward the newly acquired Drilling Services business. While the Company plans to maintain its Satellite Communications and Down-hole Solutions businesses, it will limit further expenditures toward these businesses until the Drilling Services business is generating sufficient cash flow. Additionally, the Board has added the newly created position of Vice Chairman, which will be filled by current Blast director and veteran energy service executive Roger P. (Pat) Herbert.
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"Blast needs to allocate its limited resources toward growing revenue and cash flow from the land drilling business, which we believe provides the single best opportunity to generate value to our shareholders," said Vice Chairman, Pat Herbert. "Meanwhile, our exciting abrasive jetting business has reached a new milestone in its development, so we will be taking some time to evaluate options that could move it from a research project to a commercial business."
Blast recently completed a round of testing of its AFJ technology with the Department of Energy at its Rocky Mountain Oilfield Testing Center outside Casper, Wyoming. The results were very encouraging in terms of validating the ability to cut precision slots and windows through the steel casing in wells by use of computer controlled directions from the surface. Video clips from down-hole camera have been posted to the Company's website.
About Roger P. (Pat) Herbert:
Mr. Herbert has served as a Blast director since June 2005. He has worked in the energy services business for nearly 30 years. He is currently a director and CEO for JDR Cable Systems (Holdings) Ltd - a position he has held since 2002. Prior to that, he briefly served as COO of Petris Technology after merging a company he founded in 2000, GeoNet Energy Services, where is served as Chairman and CEO. Prior to 2000 Mr. Herbert served as Chairman and CEO of International Energy Services. The bulk of his career consisted of senior executive officer positions for Baker Hughes Inc. (10 years) and Smith International Inc. (13 years). Herbert received his M.B.A. from Pepperdine University, his B.S.E. from California State University-Northridge and is a registered professional engineer in the State of Texas.
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. Our new major business, effective August 2006, is conventional land rig drilling onshore USA with its own fleet of drill rigs and crews. 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: 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 integrate and successfully operate the newly acquired company, 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.
CONTACTS: Blast Energy Services, Inc.
John MacDonald
(281) 453-2888 or
(713) 725-9244
e-mail: jmacdonald@blast-es.com
Source: Blast Energy Services, Inc.
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Yes, I may have to rethink my bid tomorrow.
Thanks for the response, plaintif. I added 8500 shares of BESV today. It appears we had strong support at .51. I like adding at these levels. I believe it will pay off big time.
JC told me 75 miles to break even, so we're in the same ball park. We should soon be in a position to make a steady profit, IMO.
I only got 15000 of my buy order filled today at .0085. It's getting hard to get cheap shares.
"I am extremely pleased with the test of the abrasive cutting tool and am looking forward to additional testing at our facility next spring," said Matt Slezak, RMOTC project manager.
NEWS!
Blast Energy Services Successfully Tests Casing Perforation Technology at RMOTC
Tuesday November 21, 6:12 pm ET
CASPER, Wyo., Nov. 21 /PRNewswire-FirstCall/ -- The Rocky Mountain Oilfield Testing Center (RMOTC) and Blast Energy Services Inc. (OTC Bulletin Board: BESV - News) have finished a project testing Blast's proprietary abrasive fluid jetting technology designed to cut holes, slots and windows in existing well casing.
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"We achieved about 80 percent of the testing planned before the Wyoming winter weather season caused us to suspend operations," said David Adams, Blast President and Co-CEO.
Blast's prototype unit, primarily a modified coil tubing unit with an abrasive mixing module, combines water and fine abrasive sand and pumps this mixture through a nozzle at up to 17,500 pounds per square inch. With this new technology, Blast expects to provide oil and gas producers with an alternative to existing well stimulation services at a lower cost, while having the ability to access previously uneconomical reserves.
"I am extremely pleased with the test of the abrasive cutting tool and am looking forward to additional testing at our facility next spring," said Matt Slezak, RMOTC project manager.
Down-hole video cameras, available at RMOTC, proved especially useful in this project. The camera's primary use was to verify the results of operations in the down hole environment and to diagnose any problems that may occur. In this case, the camera verified that Blast's new technology was able to cut holes, slots and windows in the well casing and confirmed further penetration into the rock formations beyond the well casing. Management believes that the act of cutting through the casing also blasts two to three feet of cavity into the rock formation beyond the well casing and facilitates hydrocarbon recovery. In one particular video, oil can be seen flowing into the well bore through a slotted hole that was cut into the well casing. Video clips from the down-hole camera have been posted to the Company's website.
The tests, however, were not able to achieve any success in making secondary lateral intrusions into the rock formation with the use of a flexible hose. The onset of winter at the facility has caused the company to bring the AFJ unit back to Texas at this time.
"The use of the down hole camera was an invaluable resource for this stage of our development," said Adams. "We were able to visually validate the technical success of the AFJ technology and verify that the surface program was exactly synchronized with the actual down-hole nozzle position deep in the wellbore."
Blast, based in Houston, signed a Cooperative Research and Development Agreement with the U.S. Department of Energy in October. This agreement provided for Blast to test in up to five wells to evaluate its new technology. The parties plan to continue this project at the RMOTC site in the spring of 2007.
RMOTC is provided by the Department of Energy as a field test site for emerging and developing technologies to address critical energy industry issues. The field test site is a 10,000-acre operating oil field offering a full complement of associated facilities and equipment on site. There are
approximately 1,200 well bores and approximately 600 producing wells, in nine producing reservoirs ranging in depth from 500 to 5,000 feet.
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. Our new major business, effective August 2006, is conventional land rig drilling onshore USA with its own fleet of drill rigs and crews. 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 integrate and successfully operate the newly acquired company, 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.
Source: Blast Energy Services Inc.
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I hold GAMN and think it's a good investment opportunity, but I agree with you. I delete those things as soon as I see what they are.
Yes, and most of my shares will be 1 year old this Spring, therefore I'll pay less tax on my profits.
Well, I did not see any substantial doubt as to the companies being able to continue as a going concern like you see on most BB stock 10Qs. Also, whoever heard of a company with stock anywhere near this pps that is making a net profit of any kind. I noticed they got a better interest rate on financing and anticipate growth for the future. It does sound like their predicting very possibly a strong next quarter. I guess I need to buy a little more TRDY.
I noticed in the 10Q, concerning the lawsuit against the two companies that failed to pay for the drilling services, that the attorney took the cases on a contingency basis. That makes me think that the attorney thinks he has a decent chance of winning. He gets one third if he wins. Any one else have any thoughts on this?
That could indeed, be the cause of the latest increase. $2.10 would be nice. I don't recall the number of outstanding shares, but I think it is really pretty low. If so, this stock could go beyond that in the coming years.
Lots of volume today and pps up big. Must be news coming?
I hold EPM and also believe it's just a matter of time before both EPM and BESV make us some strong money.
I'm trying to buy more as we speak. I'm on the bid at .71.
I got 50,000 at .0085 this morning, but the rest of my order did not fill all day.
I have to agree. I suspect the next news will be that of testing progress followed by more land rig contracts. The lawsuit will be very interesting, but could be a while determining outcome. We should be progressing upward from here, IMO.
GAMN is looking strong today..
NEWS!
Press Release Source: Blast Energy Services, Inc.
Blast Energy Services Signs Additional Drilling Contracts
Wednesday October 25, 8:39 am ET
HOUSTON, Oct. 25 /PRNewswire-FirstCall/ -- Blast Energy Services (OTC Bulletin Board: BESV - News), through its wholly owned subsidiary Eagle Domestic Drilling Operations ("Eagle"), has signed day-work drilling contracts with three new customers. Eagle Rig #11 is presently on location in West Texas and Eagle Rig #12 is being mobilized to drill a three-well program in North Texas, with an option for an additional three wells. Another rig will be deployed for a third customer on a one-well program to commence in early November near Monroe, Louisiana. Blast expects to generate approximately $2 million of revenue from these contracts excluding the three well option on Rig #12.
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"Despite the loss of Eagle's previous contract holders and the recent weakness in natural gas prices, we are beginning to see some traction in demand for our drilling rigs," said David M. Adams President & Co-CEO of Blast Energy Services, Inc. "We are in discussions with several customers expressing interest in drilling services and expect to have our entire five rig fleet under contract by year end."
Meanwhile, Blast has filed suit against Quicksilver Resources for breach of contract, among other claims, under the terms of the two-year drilling contracts acquired with the purchase of the land drilling business in August 2006. Quicksilver had executed contracts for the drilling capabilities of three rigs -- one rig that had commenced drilling operations with them in July and two additional rigs that are becoming available in October and November. Blast has learned that Quicksilver has filed a lawsuit asking for rescission of the contracts. The Company intends to vigorously defend itself in this proceeding and believes that early termination provisions under the Quicksilver contracts entitle them to a reimbursement of lost revenues of approximately $10 million per rig. Blast is also involved in another breach of contract suit against Hallwood Petroleum for two drilling rigs with similar potential upside damages. Due to the early termination of these IADC term contracts, the Company suspends its previously disclosed guidelines for 2007 revenues relating to Eagle's contract drilling business, which assumed the contribution from five rigs drilling continuously during the year at the contracted rates.
In related news, Blast's prototype abrasive jetting unit has arrived on location at the Department of Energy's Rocky Mountain Oil Field Testing Facility in Wyoming. The previously announced testing program for this unit's specialized down-hole completion capabilities is expected to commence this week. Testing plans include cutting holes, slots and windows in an initial test well in the 400 to 1,000 foot depth range before moving to additional wells in the 3,000 to 5,000 foot depth range.
The Rocky Mountain Oilfield Testing Facility is provided by the Department of Energy as a field test site for emerging and developing technologies to address critical energy industry issues. The field test site is a 10,000 acre operating oil field offering a full complement of associated facilities and equipment on-site. There are approximately 1,200 well bores and approximately 600 producing wells, in nine producing reservoirs ranging in depth from 500 to 5,000 feet.
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. Our new major business, effective August 2006, is conventional land rig drilling onshore USA with its own fleet of drill rigs and crews. 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 integrate and successfully operate the newly acquired company, 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.
Source: Blast Energy Services, Inc.
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Today's GAMN news:
Kokopelli Franchise Company Opens New Market in Nevada
Tuesday October 24, 7:10 am ET
DALLAS--(BUSINESS WIRE)--The Great American Food Chain, Inc. (Pink Sheets: GAMN - News), a restaurant holding company and concept developer, announced today that an area developer has opened the first franchised location of Kokopelli Fresh Mexican Grill in Nevada.
ADVERTISEMENT
This is the first of twelve restaurant units that are scheduled to open in Nevada between the greater Reno and greater Las Vegas metropolitan areas.
Located at 555 S. Virginia Street, the restaurant lies on the south end of downtown Reno in close proximity to numerous government buildings, businesses and local gaming establishments. Virginia Street serves as a major thoroughfare into and out of downtown Reno for communities lying both to the North and South.
Paul Roegge, Vice President of Operations was quoted as saying, "This location provides the unique opportunity to service three important customer categories: local residents, businesses, and tourists. Furthermore, it provides the ability to build brand awareness and the foundation from which to build future Kokopelli's in both Reno and Las Vegas."
The Great American Food Chain, Inc. (GAMN) acquired a 90% interest in Kokopelli Franchise Company, LLC in August of this year. Eight area developers have committed to opening 70 Kokopelli Fresh Mexican Grill restaurants over the next three years.
About The Great American Food Chain, Inc.
The Great American Food Chain, Inc. is a restaurant holding company specializing in the development and expansion of proven independent restaurant concepts into multi-unit locations through corporate owned stores, licensing, and franchising opportunities. The Great American Food Chain currently owns two concepts, Kokopelli Fresh Mexican Grill, and Spikes Boneyard Grill, and is finalizing a licensing agreement with a third concept. GAMN is located in Dallas, Texas. For more information about The Great American Food Chain, Inc. see http://www.thegreatamericanfoodchain.com. Information on our website is not part of this press release. For more information about Kokopelli Fresh Mexican Grill, please visit http://www.kokopelligrill.com.
Forward-Looking Statements
Any statements in this press release about The Great American Food Chain's expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). These statements are often, but not always, made through the use of words or phrases such as "believe," "will," "expect," "anticipate," "estimate," "intend," "plan," "forecast," "could," and "would." There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: limited operating history, need for future capital, risks inherent in the development and commercialization of restaurant concepts, protection of the Company's intellectual property, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in the Company's periodic reports. The Great American Food Chain claims the protection of the safe harbor for forward-looking statements under the Act and assumes no obligation and expressly disclaims any duty to update any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of subsequent events.
Contact:
The Great American Food Chain, Inc.
Edward Sigmond, 214-880-0446
Esigmond@gamnfc.com
Source: Great American Food Chain, Inc.
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My understanding is that these particular cameras are extremely expensive just to rent. One source I have, stated something in the neighborhood of $25k per day. That's hard to believe, but the fact the DOE is furnishing everything for Blast makes this thing a lot better on the bottom line. DOE must think we have something very innovative. I'm convinced it's good news even though some may be selling on news or dissappointed because no immediate revenues come with this. I do, however, think this will lead to major revenues. JMO.
The Dept. of Energy is behind Blast. That's pretty big. Bigger things ahead for Blast, IMO.
BESV NEWS!
last Energy Services Signs Cooperative Research and Development Agreement With Department of Energy
Monday October 16, 1:24 pm ET
HOUSTON, Oct. 16 /PRNewswire-FirstCall/ -- Blast Energy Services (OTC Bulletin Board: BESV - News) has signed a Cooperative Research and Development Agreement ("CRADA") with the US Department of Energy to test and evaluate Blast's abrasive fluid jetting capabilities at the Department of Energy's Rocky Mountain Oilfield Testing Center in Wyoming. The CRADA provides for an up to five well test program to evaluate Blast's abrasive fluid jetting technology. This proprietary technology has been designed to cut holes, slots and windows in existing well casing and drill horizontal bore holes out from the existing wellbore.
"We are very pleased that the Department of Energy has agreed to assist us by providing their facilities and personnel to facilitate a comprehensive test plan of our abrasive fluid jetting equipment," said David Adams, President and co-CEO of Blast Energy Services, Inc. "We believe this step-by-step test plan, together with the ability to view the results through down-hole cameras, will greatly assist us in understanding the full capabilities of our technology."
The statement of work anticipates the following will be demonstrated:
1. Milling of holes in a circular pattern to simulate perforations.
2. Milling of a continuous slot around casing (360 degrees) and through
the cement into the formation.
3. Cut vertical slots in casing over the four foot travel of the unit.
4. Drill 20 to 50 foot lateral either through casing or through a
previously cut window.
Blast expects testing will commence in October with an initial test well in the 400 to 1,000 foot depth range before moving to additional wells in the 3,000 to 5,000 foot depth range.
The Rocky Mountain Oilfield Testing Facility is provided by the Department of Energy as a field test site for emerging and developing technologies to address critical energy industry issues. The field test site is a 10,000 acre operating oil field offering a full complement of associated facilities and equipment on-site. There are approximately 1,200 well bores and approximately 600 producing wells, in nine producing reservoirs ranging in depth from 500 to 5000 feet.
About Blast Energy Services, Inc.
Blast Energy Services, Inc. is a publicly traded company based in Houston. Our mission is to provide quality services to the energy industry, including contract land drilling, specialty completion applications and satellite services to remote locations. After the recent acquisition of Eagle Domestic Drilling Operations, Blast's primary business is as a drilling contractor with three land rigs available for use and three more expected to be deployed in October, November and early 2007, respectively. Also, the Company is developing a proprietary abrasive fluid jetting (AFJ) rig with the capability of performing down-hole services that cut through the well casing, penetrate into reservoir formations, and increase the amount of drainage area open to production. This service is expected to provide oil and gas producers with an attractive, lower cost alternative to existing conventional well stimulation or horizontal drilling services.
Blast's third business segment is providing satellite services, including broadband internet and voice communications, to oil and gas companies throughout the world. This service allows these energy companies to monitor and control well head, pipeline or drilling operations in 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 integrate and successfully operate the newly acquired company, 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.
Source: Blast Energy Services, Inc.
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NEWS!
last Energy Services Signs Cooperative Research and Development Agreement With Department of Energy
Monday October 16, 1:24 pm ET
HOUSTON, Oct. 16 /PRNewswire-FirstCall/ -- Blast Energy Services (OTC Bulletin Board: BESV - News) has signed a Cooperative Research and Development Agreement ("CRADA") with the US Department of Energy to test and evaluate Blast's abrasive fluid jetting capabilities at the Department of Energy's Rocky Mountain Oilfield Testing Center in Wyoming. The CRADA provides for an up to five well test program to evaluate Blast's abrasive fluid jetting technology. This proprietary technology has been designed to cut holes, slots and windows in existing well casing and drill horizontal bore holes out from the existing wellbore.
"We are very pleased that the Department of Energy has agreed to assist us by providing their facilities and personnel to facilitate a comprehensive test plan of our abrasive fluid jetting equipment," said David Adams, President and co-CEO of Blast Energy Services, Inc. "We believe this step-by-step test plan, together with the ability to view the results through down-hole cameras, will greatly assist us in understanding the full capabilities of our technology."
The statement of work anticipates the following will be demonstrated:
1. Milling of holes in a circular pattern to simulate perforations.
2. Milling of a continuous slot around casing (360 degrees) and through
the cement into the formation.
3. Cut vertical slots in casing over the four foot travel of the unit.
4. Drill 20 to 50 foot lateral either through casing or through a
previously cut window.
Blast expects testing will commence in October with an initial test well in the 400 to 1,000 foot depth range before moving to additional wells in the 3,000 to 5,000 foot depth range.
The Rocky Mountain Oilfield Testing Facility is provided by the Department of Energy as a field test site for emerging and developing technologies to address critical energy industry issues. The field test site is a 10,000 acre operating oil field offering a full complement of associated facilities and equipment on-site. There are approximately 1,200 well bores and approximately 600 producing wells, in nine producing reservoirs ranging in depth from 500 to 5000 feet.
About Blast Energy Services, Inc.
Blast Energy Services, Inc. is a publicly traded company based in Houston. Our mission is to provide quality services to the energy industry, including contract land drilling, specialty completion applications and satellite services to remote locations. After the recent acquisition of Eagle Domestic Drilling Operations, Blast's primary business is as a drilling contractor with three land rigs available for use and three more expected to be deployed in October, November and early 2007, respectively. Also, the Company is developing a proprietary abrasive fluid jetting (AFJ) rig with the capability of performing down-hole services that cut through the well casing, penetrate into reservoir formations, and increase the amount of drainage area open to production. This service is expected to provide oil and gas producers with an attractive, lower cost alternative to existing conventional well stimulation or horizontal drilling services.
Blast's third business segment is providing satellite services, including broadband internet and voice communications, to oil and gas companies throughout the world. This service allows these energy companies to monitor and control well head, pipeline or drilling operations in 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 integrate and successfully operate the newly acquired company, 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.
Source: Blast Energy Services, Inc.
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I noticed an interesting thing regarding my GAMN shares in my Ameritrade account. When I clicked on it, it stated that this was a non-taxable spinoff/distribution. Seems that in the PR it stated this as a dividend. Maybe that's why it's non-taxable. I was glad to see that.
I was able to get some more at .80 a little while before the offer went to .83. It looked to be a good bounce when it went into the seventies. That made me feel like I had better get while I could at .80.
Vip, I believe you can download the Rule 144 forms from your brokerage, at least, that's the way I remember handling it with Ameritrade. Ameritrade is presently holding my GAMN certificate as it was sent to them and not me. I don't think it will make any difference. I believe that if you decide to sell after one year, your broderage firm will have to assist and charge a fee. Also, if you fail to sell within 90 days, you'll have to send 144 paperwork in every 90 days til you sell. No charge for sending second and subsequent times at Ameritrade at the time I did it that way. I would talk to a rep at your brokerage firm. If I've misunderstood your question, let me know.
I just went through a two year wait on shares of EPM. I had to send a copy of my certificate and a letter requesting a legal opinion from the attorney representing EPM. He sent the letter to the transfer agent and then I sent the transfer agent my restricted certs. They, in turn, sent me a free and clear cert. I, then sent them to Ameritrade for deposit. I have sold a small part already. It didn't cost anything to do this except postage. If you free them after only one year, my experience with Ameritrade has been that it cost around $300 to $350 for the brokerage firm to handle the paperwork, etc. Hope this helps. BTW, I was really close to doubling my money on what I sold of my EPM. I still have most left.
I may be wrong, but I believe that if GAMN were to be acquired by another company they would have to free up our shares.
Looks like we got a bounce from the Koko's PR. I believe GAMN will get it done with the Koko franchises.
I have now received my shares. They're in my Ameritrade account, though they will be restricted for a while.
Someone is buying, too -- ME!