TSX-V: "GLK"
Shares Outstanding 20,535,959
CALGARY, March 9 /CNW/ - Global Energy Services Ltd. ("Global Energy")
(GLK - TSX Venture), announces that Lufkin Industries, Inc. ("Lufkin"),
through their recently announced acquisition of International Lift Systems,
LLC ("ILS"), will own 50% of the joint venture with Global Energy, USA Inc.
previously held by ILS.
The joint venture was formed with ILS for the purpose of marketing and
supporting Global Energy's patented Activator hydraulic submersible pump (HSP)
to the United States oil and gas industry.
Global Energy will license its intellectual property rights, to Lufkin
within the joint venture and Lufkin will provide sales, marketing, and service
throughout the United States.
"Lufkin's footprint, experience, and marketing channels will help
accelerate the deployment of our patented Activator HSP in the United States
market," said Derek Begin, President and CEO. "The recent success of the HSP
in the Barnett Shale and increasing interest in shale gas and low pressure gas
well dewatering plays throughout the United States, has positioned the HSP as
a leading emerging technology in low pressure gas well dewatering. We are
delighted that Lufkin will help us expand the technology in the United
States."
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, oil
wells and coal methane wells. 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
About Lufkin Industries, Inc.
Lufkin Industries, Inc., founded in 1902, is a vertically integrated
company that designs, engineers, manufactures, sells, installs and services
high quality oilfield equipment pumping and automation equipment and power
transmission products across the globe.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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