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<SEC-DOCUMENT>0001141197-09-000010.txt : 20090617
<SEC-HEADER>0001141197-09-000010.hdr.sgml : 20090617
<ACCEPTANCE-DATETIME>20090616174539
ACCESSION NUMBER:		0001141197-09-000010
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090612
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090617
DATE AS OF CHANGE:		20090616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLAST ENERGY SERVICES, INC.
		CENTRAL INDEX KEY:			0001141197
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL AND GAS FIELD EXPLORATION SERVICES [1382]
		IRS NUMBER:				223755993
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-64122
		FILM NUMBER:		09894910

	BUSINESS ADDRESS:	
		STREET 1:		14550 TORREY CHASE BLVD
		STREET 2:		SUITE 330
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77014
		BUSINESS PHONE:		281-453-2888

	MAIL ADDRESS:	
		STREET 1:		14550 TORREY CHASE BLVD
		STREET 2:		SUITE 330
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VERDISYS INC
		DATE OF NAME CHANGE:	20010523
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>form8-k.htm
<DESCRIPTION>8-K FILE 6.16.09
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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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D.C. 20549</font></div>
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8-K</font></div>
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REPORT PURSUANT TO SECTION 13 OR 15(D) OF</font></div>
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453-2888</font></font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;DEPARTURE
      OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF
      CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
      OFFICERS.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June
12, 2009, Blast Energy Services, Inc.'s (&#8220;Blast&#8221; or the &#8220;Company&#8221;) board of
directors&#160;implemented cost cutting measures to reduce overhead costs and
conserve cash, including partial and full furloughs of management and staff with
reduced or no pay, respectively.&#160;&#160;&#160;As such, John O&#8217;Keefe,
President and CEO, has been furloughed without pay, effective June 15, 2009, and
therefore will not serve as President or CEO until such time as he returns to
the Company, if ever. &#160;John MacDonald, CFO and Corporate Secretary, and
Andrew Wilson, VP Business Development, have been reduced to half pay until
October 2009 at which time payment is expected to be received from Quicksilver.
The Blast Board of directors has appointed Michael L. Peterson, a current member
of the board, to serve as interim President and CEO in the absence of Mr.
O&#8217;Keefe.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Michael L.
Peterson</font>, age 47, joined the board as a director in May 2008. He is
currently Chairman and CEO of Solargen Energy Inc, a developer of utility scale
solar farms, and managing partner of California-based, Pascal Management, a
registered Investment Advisor. For a majority of his career, Mr. Peterson was
employed by Goldman Sachs &amp; Co. as a Vice President with the responsibility
for a team of professionals that advised and managed over $7 billion in assets.
In 2000, he joined Merrill Lynch as a First Vice President to help form their
Private Wealth Services division.&#160;&#160;In 2004, Mr. Peterson left Merrill
Lynch to establish his own private investment firm.&#160;&#160;Mr. Peterson
received his MBA at the Marriott School of Management and a B.S. from Brigham
Young University. He is also a director of AE Biofuels, a company controlled by
Eric McAfee, who is affiliated with Berg McAfee Companies, LLC, our largest
shareholder.</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;OTHER
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
recent discussions with Reliance Oil &amp; Gas, (&#8220;Reliance&#8221;), Blast plans to
move the&#160;Company's Applied Fluid Jetting ("AFJ")&#160;rig and equipment
back to Texas where it will be maintained and supported by
Reliance.&#160;&#160;&#160;Blast and Reliance are currently in negotiations with
an independent third party for the deployment of the AFJ Rig on a cash for
services basis.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reliance
was the operator of the AFJ rig in each of the previously reported successful
drilling programs in Texas where the AFJ technology was proven earlier this
year. Blast and Reliance currently have a revenue sharing agreement under which
Reliance will operate the AFJ rig at no cost to Blast and will share 50% of the
revenues generated by the rig.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Recent
operations in Kentucky were hampered by mechanical problems with the surface
equipment as reported in a press release issued June 3, 2009, and filed
herewith. Subsequently, a failure to the rig&#8217;s hydraulic pump system prohibited
the rig from resuming jetting operations in a reasonable
timeframe.&#160;&#160;As a result, operations in Kentucky were suspended and the
AFJ rig and support vehicles have moved temporarily back to the Company&#8217;s
storage yard in Oklahoma.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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Company will also continue to pursue additional financing options and explore
potential strategic opportunities to help fund this promising AFJ technology and
to maintain the Company&#8217;s viability, while collecting payments on its $3.6
million Quicksilver receivable, but can make no assurances that financing will
be obtained on favorable terms, if at all.</font></div>
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9.01 FINANCIAL STATEMENTS AND EXHIBITS.</font></div>
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      as an exhibit to the Company&#8217;s Form 8-K, filed with the SEC on September
      22, 2008, and incorporated herein by reference.</font></div>
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                  <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <td valign="top" width="89%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1*</font></div>
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2009</font></div>
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herewith.</font></div><br></div><br>
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to the requirement of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.</font></div>
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          <tr>
            <td align="left" valign="middle" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
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            <td align="left" valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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  Inc.</font></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Michael Peterson</font></div>
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          </tr>
          <tr>
            <td align="left" valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Michael
      Peterson</font></div>
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          </tr>
          <tr>
            <td align="left" valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Interim
      President and CEO</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="middle" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="middle" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Date:
      June 16, 2009</font></div>
            </td>
          </tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title>ex99_1.htm</title>
<!-- Licensed to: Blast Energy Services, Inc.-->
<!-- Document Created using EDGARizer 4.0.7.0 -->
<!-- Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved -->
</head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
99.1</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BLAST
ENERGY PROVIDES OPERATIONAL UPDATE</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Houston, TX &#8211; June 3, 2009</font> &#8211;
Blast Energy Services, Inc. (OTCBB: BESV) announced today that they have
experienced delays in getting their operations started in Kentucky but expect to
be jetting as early as this week.&#160;&#160;The first two weeks encountered
several mechanical and equipment problems, which prevented any lateral jetting
operations from being performed. To remedy the issues, Blast has replaced its
Operations Manager with Charles &#8220;Buster&#8221; Watkins and has successfully
implemented several equipment changes and upgrades to avoid future
delays.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#8220;We believe that replacing the
Operations Manager with a more experienced hand along with certain upgrades to
our equipment will allow us to move forward with jetting operations this week,&#8221;
said John O&#8217;Keefe, President and CEO of Blast. &#8220;We are striving to offer a
jetting process that has proven to be successful in the Austin Chalk formation
in South Texas and are certainly frustrated by these issues impeding our
progress.&#8221;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The mechanical issues included the main
rig engine overheating (repaired), the main triplex pump failing to deliver
sufficient fluid volumes (upgraded), deficiencies in the construction of the
flexible hose (upgraded), an electronic sensor failure in the boom truck engine
(returning to service today), and an incorrect alignment of the weight indicator
on the rig (waiting on boom truck). It became clear during the process that the
mechanical problems were not being fully resolved or were repeating themselves,
so a change in leadership became necessary.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Blast deployed their proprietary
applied fluid jetting rig to Kentucky in May to begin working toward cash for
services contracts and a production sharing contract.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Mr. Watkins has over thirty years of
oil field experience, including working as a roustabout, mechanic, pumper,
maintenance foreman and coiled tubing operator. For the past eighteen years he
had been employed by Schlumberger where he became proficient in coiled tubing
operations and supervised the operations of a four unit coiled tubing
fleet.</font></div><br></body>
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