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BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
BUSINESS SEGMENTS

NOTE 12 – BUSINESS SEGMENTS

 

As of June 30, 2011, Blast has two reportable segments: (1) Oil and Gas Producing Properties and (2) Down-hole Solutions.  A reportable segment is a business unit that has a distinct type of business based upon the type and nature of services and products offered.

 

Blast evaluates performance and allocates resources based on profit or loss from operations before other income or expense and income taxes.  The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies.  The table below reports certain financial information by reportable segment for the three months and six months ended June 30, 2011 and 2010, respectively:

 

 

For the Three Months Ended

June 30,

For the Six Months Ended

June 30,

  2011 2010 2011 2010
Revenues:        
Oil and Gas Production $ 136,543 $ - $ 243,070 $ -
Down-hole Solutions - - - -
Total Revenue $ 136,543 $ - $ 243,070 $ -
         
Costs of Goods Sold:        
Oil and Gas Production $ 65,199 $ -   $135,573 $ -
Down-hole Solutions 1,378 21,763 6,880 49,888
Corporate 306,647 163,581 768,077 405,474
Total Costs of Goods Sold $ 373,224 $ 185,344 $ 910,530 $ 455,362
         
Operating profit (loss):        
Oil and Gas Production $ 71,344 $ - $ 107,497 $ -
Down-hole Solutions (1,378) (21,763) (6,880) (49,888)
Corporate (306,647) (163,581) (768,077) (405,474)
Operating Loss $ (236,681) $ (185,344) $ (667,460) $ (455,362)