Blast Adds Two New Energy Industry Directors
March 30 2006 - 8:30AM
PR Newswire (US)
HOUSTON, March 30 /PRNewswire-FirstCall/ -- Blast Energy Services
(OTC:BESV) (BULLETIN BOARD: BESV) 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. "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:
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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