Pedevco Corp. (PED)

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Blast Energy Services Achieves Key Steps in Proving Abrasive Jetting Application
Tuesday February 14, 7:30 am ET

HOUSTON, Feb. 14 /PRNewswire-FirstCall/ -- Blast Energy Services (OTC Bulletin Board: BESV - News) today reported that it has achieved significant steps toward the deployment of the first abrasive fluid jetting (AFJ) rig. During the past week, the Company successfully tested the rig's engine and power plant, the hydraulic system and commissioned the abrasive slurry system and its associated casing cutting capabilities. Additionally the entire rig was road tested in preparation for receiving its highway travel permits. Photos from the cutting test and a video of the rig in motion have been added to the Company's website.

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"We are very pleased to say that the power demonstrated by the cutting test proved to us that the technology should be effective in the down-hole environment," said David Adams, president and Co-CEO of Blast. "Furthermore, seeing Blast Rig #1 roll down the street was very exciting and visual proof that our vision of commercial deployment is close to being achieved."

Using the high fluid pressure and abrasive slurry delivery system mounted on the rig and their proprietary steel casing cutting nozzle, the Company successfully penetrated 1/2 inch steel plate in approximately 14 seconds. This system is now being programmed and connected to the coiled tubing as some of the final steps to complete the rig. Also, for the first time since its conception, the rig was driven on highways in Fort Worth as it was weighed and evaluated by state transportation officials.

During the coming week, the Company intends to complete the connection of the abrasive fluid system into the coiled tubing and the computer control wiring to the coiled tubing injector and well head control systems. Then, a series of tests are planned to demonstrate the rig's casing and rock cutting capabilities in a down-hole, water filled environment. Photographs of the results from these tests will also be posted to the Company's website.

Following these demonstrations and with the rig fully operational, Blast plans to spend a period of time training its operating and maintenance personnel in running the rig both in the construction yard in Fort Worth and out in the field at the company's first job in Louisiana.

"The safety issue is paramount for this high pressure rig and we will thoroughly school our people in following safe operating procedures prior to offering services to our customers," added Mr. Adams.

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.


Source: Blast Energy Services, Inc.


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