Global Energy Services Ltd. releases Financial Results for the first quarter 2011
28 Junio 2011 - 10:12AM
PR Newswire (Canada)
CALGARY, June 28, 2011 /CNW/ -- TSX-V:
"GLK"
Shares Outstanding 29,636,859 CALGARY, June 28,
2011 /CNW/ - The Board of Directors of Global Energy Services Ltd.
("Global") located in Calgary, Alberta announces its quarterly
financials. Three months ended March 31 2011 Consolidated 2010
Consolidated $ $ Revenue 1,856,123 2,240,434 Expenses 1,412,430
1,578,492 Development costs 22,063 37,524 Segment Income 421,630
624,418 Stock-based compensation 17,294 8,943 expense Interest
16,532 17,889 Amortization and write-downs 136,782 109,927 Income
tax expense (recovery) 64,835 123,403 Net Income 186,186 364,256
Capital expenditures 65,000 143,535 Total assets 5,214,514
5,328,453 Highlights of the first quarter included: -- Completion
of a strategic business plan with a focus on the three to five year
horizon which included an independent valuation report of the whole
company. -- Global had a slightly weaker first quarter in 2011 as
compared to the first quarter of 2010. The drop in performance
results primarily from the 2011 version of a winter drilling
project being a faction of the size of the 2010 project. This
occurred against a backdrop of a steady improvement of activity in
the oil and gas exploration industry which moderated the change
between the respective quarters one results. Due to the stubbornly
low gas prices, the results in the production services segment
continued to generate losses. -- Announced an arm's length letter
of intent agreement with Stellarton Technologies Inc.
("Stellarton") to negotiate the acquisition of the business and
assets of Stellarton. Global contemplates paying consideration of
$1,500,000 by the issuance of approximately 9,000,000 Global common
shares. The business assets include optimization equipment,
patents, copyrights, trademarks and machine shop equipment. -- On
June 23, 2011 the agreement was finalized and the company's
operational amalgamation was initiated. As previously released
Global will incorporate key staff members, Stellarton's
manufacturing facility in Edmonton, the optimization inventory and
key items of intellectual property. 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 ("HSP") to enhance and increase ultimate
production in both conventional and unconventional gas, oil, and
CBM 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 Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. To view this news release in
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Mr. Eric. Laing President and Chief Executive Officerbr/ Mr. Don
Jorgensen, Vice President Finance & Chief Financial Officerbr/
Global Energy Services Ltd.br/ #10, 1220 -59supth/sup. Ave. SEbr/
Calgary, Alberta T2H 2M4br/ Tel: (403) 243-0820br/ Fax: (403)
243-3425br/ Email: a
href="mailto:djorgensen@global-energy.ca"djorgensen@global-energy.ca/abr/
Email: a
href="mailto:elaing@stellartontech.com"elaing@stellartontech.com/abr/
Web site at: a
href="http://www.global-energy.ca/"www.global-energy.ca/a /p
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