Today's news of additional financing:
Blast Energy Services Raises Funds in Private Placement
Tuesday December 20, 9:59 am ET
HOUSTON, Dec. 20 /PRNewswire-FirstCall/ -- Blast Energy Services, Inc. (OTC Bulletin Board: BESV - News) has raised additional funds for operational activities and working capital needs as their proprietary abrasive fluid jetting rig nears completion and deployment. The Company has received funding of $540,000 in an equity private placement. The transaction involved the sale of 900,000 restricted common shares with registration rights at $0.60 per share to an accredited institutional investor.
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"We continue on track to deploy our new abrasive jetting rig," said John O'Keefe Executive Vice President and Co-CEO. "This additional working capital facilitates the rig deployment, allows us to expand marketing support for the satellite division and covers the resolution of certain legacy financial obligations."
The Blast Rig #1 nears final completion. The coiled tubing reel assembly is at the supplier's facility receiving 8,500 feet of one inch coiled tubing. Our proprietary formation access tool (FAT) continues to receive programming so that it will become fully functional on the various well bore sizes used in the oil industry. The FAT is one of the unique components of the rig's abrasive jetting system and is critical to its success.
The coiled tubing reel and FAT represent the last two remaining major components to complete Blast Rig #1. Once they are returned to the fabrication yard, our efforts will focus on final integration and programming of the rig's operating controls and safety systems. Once the rig is fully functional, we expect to conduct our factory specifications and field testing in early 2006.
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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