Blast Energy Services Achieves Key Steps in Proving Abrasive Jetting Application
February 14 2006 - 7:30AM
PR Newswire (US)
HOUSTON, Feb. 14 /PRNewswire-FirstCall/ -- Blast Energy Services
(OTC:BESV) (BULLETIN BOARD: BESV) 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. "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.
DATASOURCE: Blast Energy Services, Inc. CONTACT: John MacDonald of
Blast Energy Services, Inc., +1-281-453-2888 or +1-713-725-9244, or
Web site: http://www.blastenergyservices.com/
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