TSX-V: "GLK"
Shares Outstanding 20,535,959
CALGARY, Oct. 1 /CNW/ - Global Energy Services Ltd. ("Global Energy")
(GLK - TSX Venture), announces that it has executed a joint venture agreement
(the "Joint Venture") with International Lift Systems LLC (ILS) for the
purpose of providing Global Energy's patented Activator pump to the United
States oil and gas industry. The Joint Venture provides a strong platform to
rapidly develop the production optimization business leverage by the Activator
pump technology.
The Joint Venture will be owned 50% by Global Energy and 50% by ILS. As
part of the formation of the Joint Venture, Global Energy will license its
intellectual property rights to ILS within the Joint Venture and ILS will
provide sales, marketing, service, and manufacturing. The Joint Venture
start-up and ongoing capital needs will be proportionately funded by Global
Energy and ILS. The Joint Venture will be known as International Lift Systems
LLC with Global Energy Services branding on all products.
Commenting on the agreement, Mr. Derek Begin, president and CEO of Global
Energy said, "ILS is an ideal joint venture partner given their excellent
service throughout the United States, their twenty-five service centers
covering the mid west and southern United States, and their modern
manufacturing facility in Houston. ILS is one of the fastest growing oilfield
service companies in the United States and will help rapidly deploy Global's
patented Activator pump to meet the growing needs for a dewatering solution
for mature conventional gas wells and unconventional gas wells throughout the
United States."
Mr. Kelly Raper, president and CEO of ILS added, "Global Energy's
Activator pump has a proven track record in Canada and is an ideal solution
for many mature conventional gas wells and unconventional gas wells in the
United States. We look forward to working with Global on aggressively meeting
the clear and present market need for the Activator technology."
About International Lift Systems
International Lift Systems, with twenty-five service points that cover
the mid west and southern United States, specializes in Gas Lift, Completion
Products and Plunger Lift systems for Domestic and International Oil and Gas
Industry. Current employees of ILS have over 700 years of combined experience.
In addition to sales and service experience and expertise, ILS has made a
commitment to provide timely deliveries of the highest quality equipment that
meets or exceeds the industry standards at affordable prices. ILS commitment
to excellence and doing the job right the first time has set ILS apart from
the competition. Whether it's a turnkey Plunger Lift project in the Rocky
Mountains, a deepwater Gas Lift in the Gulf of Mexico or a project half-way
around the world, the basis of ILS remains consistent.
More information about ILS can be found at
www.internationalliftsystems.com.
About Global Energy Services Ltd.
Global Energy Services Ltd. is an innovative oilfield service company
that provides production services and communications solutions to the oil and
gas industry. The production services segment utilizes its patented Activator
hydraulic submersible pump to enhance gas production in conventional gas and
coalbed methane wells. Global's communications segment provides a complete
suite of integrated products and solutions specifically suited for the oil and
gas industry. Global was founded in 1994 and is listed on the TSX-V.
More information about Global Energy Services can be found at
http://www.global-energy.ca.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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