Shares Outstanding 20,535,959
CALGARY, Aug. 25 /CNW/ - Global Energy Services Ltd. ("Global Energy")
(GLK - TSX Venture), announces the Board of Directors have approved the
release of the June 30, 2008 financial reports.
Financial highlights to June 30, 2008
- Our production services segment had a second quarter income of
$31,158; cost recoveries of $50,824 were reported in the corporate
segment; which was offset by a loss of $405,133 in the communications
division. This resulted in an overall net loss of $323,151 for the
quarter ended June 30, 2008.
- On a six month basis, revenues in the communications segment have
declined by 43 percent over the comparable period in 2007. Expenses
of this segment have been reduced by a similar percentage, which
allows for a return to profitable operations as drilling activity
- On a six month basis, revenues in the production services segment
have increased by 27 percent over the comparable period in 2007. With
the slow down in drilling activity, new opportunities are surfacing
for optimizing production from existing wells using the Company's
pumping technology. The revenue would have been much stronger if not
for weather delays in second quarter. Based on current market demand
and recently announced pump order, we expect to have a very strong
third and fourth quarter for production services.
- The Company's working capital surplus at June 30, 2008 was
$1,873,093. All the costs associated with the 2006/07 proposed
acquisitions have been discharged or otherwise reflected in the
working capital surplus number. As a result, funds from operations
and available credit facilities should support continued growth in
the production services segment in 2008.
"Despite the second quarter being the traditional weak quarter, our
overall financial picture is improving and we have an adequate financial
foundation to capture the opportunities ahead," said Derek Begin, President
and CEO of Global Energy Services. "Our pumping solution is well positioned in
the North American market as we continue to prove its ability to work in an
ever increasing variety of oil and gas fields and basins. The fall drilling
season is shaping up to be busier and we anticipate significantly better
utilization rates on our communications equipment."
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 Ltd. can be found at
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS
RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS
MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
For further information:
For further information: Global Energy Services Ltd., Derek Begin,
President and CEO, Global Energy Services Ltd., Tel: (403) 243-0820, Email:
email@example.com; Don Jorgensen, Vice President Finance & CFO, Global
Energy Services Ltd., Tel: (403) 243-0820