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Thursday, March 30, 2006 10:42:50 AM
Blast Adds Two New Energy Industry Directors
Thursday March 30, 7:30 am ET
HOUSTON, March 30 /PRNewswire-FirstCall/ -- Blast Energy Services (OTC Bulletin Board: BESV - News) today announced the nomination of Scott W. Johnson and Jeffrey R. Pendergraft to the Blast Energy Services board of directors, effective upon shareholder approval. The two new members bring to the board a diverse set of skills and valuable experience in the energy industry.
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"We are delighted that Scott Johnson and Jeff Pendergraft have agreed to join the Blast board of directors," said O. James Woodward III, Chairman of Blast Energy Services. "Their proven financial and strategic experience in the energy business will bring additional industry specific expertise to the board and will supplement our talented group of directors. Strengthening the board will further support our efforts to deploy new technologies by adding to our credibility and visibility with oil and gas producers."
Mr. Johnson has over twenty five years of investment banking experience in the Energy industry -- spanning public and private financings; debt, equity, hybrid and structured securities; corporate restructurings; and acquisitions, divestitures and stock mergers. He is currently co-founder and managing director of Houston-based GasRock Capital, LLC., an energy industry investment firm. He co-founded and became a Managing Director of Weisser, Johnson & Co in 1991 and prior to that he served as Vice President for Goldman, Sachs & Co. Johnson received his MBA from Stanford University and his AB from Harvard College.
Mr. Pendergraft currently serves as Chairman and CEO of HNNG Development, a company focused on commercialization of low BTU natural gas. In addition, he is the founder and principal of the Wind Rose Group, an energy investment and advisory firm. His broad background includes private investments, financings, mergers and acquisitions. He has been recognized for achievements in change management, corporate governance, finance, and legal affairs. Prior to forming Wind Rose in 2001, he served as EVP and Chief Administrative Officer at Lyondell Chemical and prior to that he served as staff counsel for ARCO. Pendergraft received his BA from Stanford University, and his Juris Doctor from Stanford University School of Law.
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: 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.
Source: Blast Energy Services, Inc.
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