TSX-V: "GLK"
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CALGARY, Nov. 13 /CNW/ - Global Energy Services Ltd. ("Global Energy")
(GLK - TSX Venture), provides a corporate and operational update.
Corporate Update
- On October 30, 2008, Global Energy reached an agreement to settle all
outstanding litigation regarding the intellectual property of Western
Pump Solutions Ltd., which the Company acquired in May 2005. Terms of
the agreement will remain confidential. This settlement ends all
remaining lawsuits against Global Energy.
- Global Energy has filed for several additional patents, including
enhancements to its existing Activator Pump patent in both Canada,
United States, and internationally.
United States Operations Update
- In early November 2008, Global Energy, and its Joint Venture partner
International Lift Systems L.L.C., successfully deployed the patented
Activator Pump in a 6000 foot (1829 meter) horizontal mature low
pressure conventional gas well in East Texas. The client, a major gas
producer, identified the Activator Pump as the only viable technology
that could effectively operate in the horizontal section of their low
pressure well given the dewatering requirements and landing depth.
The Activator continues to operate effectively and the producer has
ordered more Activator systems for installation in Q1 2009.
- In late November, a modified version of the Activator Pump will be
deployed for a Barnett Shale well in Texas. Some experts have
suggested the Barnett Shale may be the largest onshore natural gas
field in the United States. Over 5,500 wells are in operation and
many more are being drilled.
Canadian Operations Update
- Global Energy production services field staff are operating at full
capacity and experiencing a back log of Activator Pump installations.
Consequently, Global Energy is forecasting a very strong Q4 2008 for
the production services division.
Derek Begin, President and CEO of Global Energy, stated, "We are
extremely pleased about the new applications in which our patented technology
is proving itself as one of the only viable options in low pressure,
horizontal wells. The continued success of the pump in these applications is
opening up a tremendous business opportunity for the Company. Activator Pump
sales continue to keep the Company operating at capacity and continued growth
is forecast."
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 information in this news release includes certain information and
statements about management's view of future events, expectations, plans and
prospects that constitute forward looking statements. These statements are
based upon assumptions that are subject to significant risks and
uncertainties. Because of these risks and uncertainties and as a result of a
variety of factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and indicated by
these forward looking statements. Although Global Energy Services Ltd.
believes that the expectations reflected in forward-looking statements are
reasonable, it can give no assurances that the expectations of any forward
looking statements will prove to be correct. Global Energy disclaims any
intention and assumes no obligation to update or revise any forward looking
statements to reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting such
forward looking statements or otherwise.
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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