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Blast Energy Deploys Rig to 100-Well Program in Kentucky

Published Jun 2, 2009

Blast Energy Services Inc., Houston, (OTCBB: BESV) says it has deployed its proprietary applied fluid jetting rig to Kentucky as part of ongoing work on its 100-well program with Resource Energy Technologies LLC .

Blast will earn a 40% share of the revenues generated from any increase in natural gas produced from the use of the AFJ rig on the field. The company says Platinum Minerals Inc. is also interested in using Blasts services for a program in eastern Kentucky.

The field, which is operated by Resource Energy, has wells in the Fort Payne and the Coniferous zones. Each zone has 20- to 40 feet of net pay, which Blast says will allow it to jet laterally up to 90 feet at several intervals in each zone.

The wells operated by Platinum have multiple limestone pay zones in wells as deep as 2,400 feet.

Blast president and chief executive officer John OKeefe says, The limestone formations in Kentucky are similar to the Austin Chalk in Texas, where our process had proved to be successful at improving oil and gas production. We expect to be very active in Kentucky over the next several months fulfilling our commitments under the [Resource Energy] agreement and by pursuing cash-for-service contracts with Platinum and other local operators.