Stockguru.com: Blast Energy Services Inc. is in the StockGuru Spotlight for May 4, 2010
May 04, 2010 (M2 PRESSWIRE via COMTEX) --
DALLAS, TEXAS : StockGuru announces that Blast Energy Services Inc. (OTCBB: BESV) is in the StockGuru Spotlight. Blast Energy Services, Inc. operates as a technology company in the energy sector. It operates through two segments, Satellite Communication Services and Down-hole Solutions. The Satellite Communication Services segment provides satellite communication services to energy companies that allows to remotely monitor and control well head, pipeline, drilling, and other oil and gas operations through low cost broadband data and voice services, transmitted from remote operations where terrestrial or cellular communication networks do not exist. The Down-hole Solutions segment offers applied fluid jetting services to stimulate production and increase reservoir recoveries on behalf of oil and gas operators primarily in North America. The company was formerly known as Verdisys, Inc. and changed its name to Blast Energy Services, Inc. in June 2005 to reflect its focus on the energy services business. Blast Energy Services, Inc. was founded in 2000 and is based in Houston, Texas.
On Monday, the company put out news announcing that the company has signed a letter of intent with Sun Resources Texas, Inc., a privately-held company based in Longview, Texas ("Sun"), to acquire its oil and gas interests in the Sugar Valley Field located in Matagorda County, Texas. Under the terms proposed in the letter of intent, Blast will pay $1.2 million in cash and stock for Sun's approximately 66% working interest in three wells currently producing a total of 40 gross barrels per day from the Gravier Sand formation with an estimate of more than 30,000 barrels of net in recoverable reserves to Blast and approximately a 75% working interest in non-producing recoverable reserves estimated at over 78,000 barrels net to Blast.
Shares for Blast Energy Services Inc. (OTCBB: BESV) were down during the afternoon of trading on Monday and closed slightly down at closing.
To view our StockGuru Spotlight on Blast Energy Services Inc. (OTCBB: BESV), please visit: http://www.stockguru.com
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