Blast Energy Provides Operational Update

fixyruw.wordpress.com
The first two weeks encountered severak mechanical andequipment problems, which preventex any lateral jetting operations from beinvg performed. To remedy the issues, Blastt has replaced its Operations Manager withCharlesa "Buster" Watkins and has successfully implemented several equipmentf changes and upgrades to avoid future "We believe that replacing the Operations Managerd with a more experienced hand along with certaibn upgrades to our equipment will allow us to move forwardd with jetting operations this week," said John O'Keefe, President and CEO of "We are striving to offer a jettinbg process that has proven to be successfup in the Austin Chalk formation in Soutu Texas and are certainly frustrated by thes issues impeding our progress.
" The mechanical issuews included the main rig engine overheatinv (repaired), the main triplex pump failinb to deliver sufficient fluid volumeas (upgraded), deficiencies in the construction of the flexible hose an electronic sensor failure in the boom trucl engine (returning to service today), and an incorrect alignmeny of the weight indicator on the rig (waitingh on boom truck). It became clear during the process that the mechanica l problems were not being fully resolved or wererepeatingf themselves, so a change in leadershil became necessary.
Blast deployed their proprietary appliedc fluid jetting rig to Kentucky in May to begin working toward cash for services contracts and a productiohsharing contract. Mr. Watkins has over thirtty years of oilfield experience, includin working as a roustabout, pumper, maintenance foreman and coiled tubinbg operator. For the past eighteen years he had been employed by Schlumbergef where he became proficient in coiled tubing operations and supervised the operationss of a four unit coiledxtubing fleet.
This press releaser contains forward-looking statements within the meaning of the Privatde Securities Litigation Reform Act of1995 (the In particular, when used in the precedingb discussion, the words "believes," "expects," "intends," "plans,"" "anticipates," or "may," and similar conditional expressionsw are intended to identify forward-lookinf statements within the meaning of the Act, and are subjectr to the safe harbod created by the Act. Any statements made in this news releass other than those ofhistoricalp fact, about an action, event or development, are forward-lookinfg statements.
Forward looking statements involve knownb and unknown risksand uncertainties, whicg may cause the Company's actual results in future periods to be materially different from any futurs performance that may be suggestedf in this release. Such factors may includr risk factors including but notlimitefd to: the likelihood that the customer lawsuits result in meaningful proceeds, the ability to raise necessary capital to fund growth, adequate liquidity to managew operations and debt obligations, the introduction of new services, commerciao acceptance and viability of new services, fluctuations in customer demanrd and commitments, pricing and competition, reliance upon lenders, contractors and the ability of Blast Energy Services' customerw to pay for our together with such other risk factors as may be include d in the Company's filings on its periodidc filings on Form 10-K, 10-Q, and othee current reports.
Blast Energy Services, Inc. takesx no obligation to update orcorrecr forward-looking statements, and also takes no obligation to update or correc t information prepared by third parties that are not paid for by SOURCE Blast Energy Services, Inc.