Shares Outstanding 20,785,959
CALGARY, Nov. 26 /CNW/ - Global Energy Services Ltd. ("Global Energy") (GLK - TSX Venture), announces the Board of Directors have approved the release of the September 30, 2009 financial reports.
Financials to September 30, 2009
- Revenue totaled $820,911 for the three month period ended September
30, 2009 compared to $1,966,479 for the same period in 2008, a
decrease of 58 percent or $1,145,568. Revenue generated from the
communications segment decreased by 53 percent or $669,630 to
$593,397 from $1,263,027 in the comparable period of 2008. Revenue
from production services amounted to $251,955 as compared with
$694,792 for the prior year. This represents a 64 percent decrease or
$442,837 and is attributable to extremely low industry activity.
Production services revenue accounted for 31 percent of the total
- Revenue totaled $4,219,227 for the nine month period ended September
30, 2009 compared to $5,543,471 for the same period in 2008, a
decline of 24 percent or $1,324,224.
- Net income (loss) improved by $245,150 resulting in a net loss of
$496,904 for the nine month period ended September 30, 2009 as
compared to a net loss of $742,054 in the comparable period in 2008.
On a weighted average per share basis, the net loss was $0.024 versus
$0.037 of net loss in 2008. Net income (loss) improved by $277,092
resulting in a net loss of $161,999 for the third quarter ended
September 30, 2009 as compared to a net loss of $439,091 in the
comparable period in 2008. The comprehensive loss for the third
quarter was $162,091 which included a translation loss of $91 on the
net assets of the US subsidiary. On a weighted average per share
basis, the net loss was $0.008 versus $0.021 of net loss in 2008.
The drilling day's activity for the nine month period ended September 30, 2009 was reported by the Nickle's Energy Group to be 53 percent lower than the same time period in 2008. In response to the decline in activity, many oil and gas companies have cancelled long-term contracts with service and supply firms including the Company. The slowdown in the oil and gas industry is now being felt in the whole North American market.
According to Derek Begin, President of Global Energy, "The 3rd quarter was difficult for the service industry and Global Energy. The 4th quarter has seen a marked increase in utilization, with our operations now being centralized in our Calgary facility, margins and utilizations are improving."
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
SOURCE GLOBAL ENERGY SERVICES LTD.
For further information: For further information: Derek M. Begin, President and Chief Executive Officer, Global Energy Services Ltd., No. 10, 1220-59th Ave. SE, Calgary, Alberta, T2H 2M4, Tel: (403) 243-0820, Fax: (403) 243-3425, E-mail: email@example.com, Web site at: www.global-energy.ca