Blast Energy posts $1.319 million operating loss for second quarter

By Reshmi Basu

New York, Sept. 19 - Blast Energy Services, Inc. reported a $1.319 million operating loss for the three months ended June 30, improving from a $2.17 million first quarter operating loss, according to an operating report filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Revenues for the period were $111,189, a sharp decline from the $1.26 million recorded in the previous quarter. That drop can be attributed to the company's sale of five oil drilling rigs.

The net loss for the period was $3.34 million, narrowing from a $3.53 million first-quarter net loss.

Cash on June 30 was $150,859, as compared with $338,877 at the end of March.

Blast Energy, a Houston-based provider of fabricated mobile drilling rigs to the oil and natural gas sector, filed for bankruptcy on Jan. 19, 2007. Its Chapter 11 case number is 07-30424.

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