Shares Outstanding 20,785,959
CALGARY, Aug. 27 /CNW/ - Global Energy Services Ltd. ("Global Energy")
(GLK - TSX Venture), announces the Board of Directors have approved the
release of the June 30, 2009, financial reports.
Financial highlight to June 30, 2009
- Revenue totalled $1,235,482 for the three month period ended June 30,
2009 compared to $1,009,665 for the same period in 2008, an increase
of 22 percent or $225,817. The increase in revenue was influenced by
our involvement in the strategic Bakken and Barnett Shale resource
- Net income (loss) declined by $161,232 resulting in a net loss of
$161,919 for the three month period ended June 30, 2009 as compared
to a net loss of $323,151 in the comparable period in 2008. The
decrease in loss resulted from reduction of expenses and
consolidating of operations.
- At June 30, 2009, the Company had a working capital surplus (current
assets less current liabilities) of $1,868,501 compared to a surplus
of $1,858,407 at December 31, 2008. The company has an operating loan
with a maximum facility of $1,200,000 bearing interest at prime plus
- The Company expects our expenditures to decrease over the balance of
the 2009 year, due to the substantial cost reduction program we have
implemented in our communications segment and in consolidation of
services. Given the cost reductions expected our current cash
resources are sufficient for the Company to complete its short term
According to Mr. Derek Begin, President and CEO, the outlook for Global
Energy Services is improving as "Optimization of existing oil and gas
production has grown significantly and we are consolidating production
services to Calgary to further streamline operations and maintenance."
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
For further information:
For further information: Contact Global Energy Services Ltd., Don
Jorgensen, VP of Finance & CFO, Global Energy Services Ltd., Tel: (403)
243-0820, Email: firstname.lastname@example.org