TSXV - "GLK"
Shares Outstanding: 18,819,293
CALGARY, June 20 /CNW/ - Global Energy Services Ltd. ("Global" or the
"Corporation") wishes to provide shareholders with an update on recent
activities and company status.
The slowdown in the oil and gas industry has created a challenging
environment for the service sector. Global is taking measures to meet a
continued slowdown in 2007. Management believes there will be an opportunity
for the Corporation to expand upon its business and generate the financial
returns management believes the Corporation is capable of delivering.
Communication - Global is creating and focusing on opportunities which
yield higher margins. Recently, Global was awarded a communication contract
with a major oil and gas producer. This type of contract yields much higher
margins than our standard laptop computer rental agreements. While the
Corporation strives to maintain low margin laptop contracts, our long-term
strategy is to focus on creating products which yield high margin returns to
Hydraulic Submersible Pump - Global is pleased with the demand and
interest in our patented hydraulic submersible pump. We continue to build our
customer base and are also seeing increased demand for our pump. Subsequent
news releases in the future will highlight the successes with the hydraulic
Corporate - Global has no debt; our current line of credit is being
renegotiated upwards substantially and all of our assets are current.
Management believes that through its experienced and dedicated staff, new and
current technology equipment and relationships with its customers, the company
is well positioned to benefit from the eventual increase in industry
Global Energy Services Ltd. manufactures and installs its patented
Hydraulic Submersible Pump (HSP), which is being utilized in conventional Oil
& Gas and the CBM industry. Global Energy is also a leading provider of
complete integrated communications and data/system management solutions for
the oil & gas industry. Global provides the latest wireless systems, including
all offerings from satellite and cellular providers. Global also provides a
multi sensor wireless gas detection service to the oil & gas industry.
Global's ongoing investment in its fleet of rental assets and a commitment to
working with its clients to provide innovative solutions to their needs has
resulted in Global Energy becoming a strategic partner to many of the oil &
gas leading companies.
For further information:
For further information: Derek M. Begin, President and Chief Executive
Officer, Global Energy Services Ltd., No. 10, 5920 - 11th Street S.E.,
Calgary, Alberta, T2H 2M4, Tel: (403) 243-0820, Fax: (403) 243-3425, E-mail:
firstname.lastname@example.org or visit our web site at: www.global-energy.ca