Stock Guru LXES Profile
Why Experience Matters
Brent Nimeck has worked in the oil and gas business his entire life. He understands the “who’s who” of Canadian oil sands operators – Chevron, Suncor and Petro-Canada. He also understands the juniors out there and has long term working relationships with them.
Junior oil companies in the Alberta oil sands region can often move more nimbly than big oil and so can Lexington Energy Services.
One of the three segment of Lexington Energy Services is the Portable Well-Testing Package. Brent describes this as the ‘least sexy’ part of their business but a very reliable part or their business. Wells must be tested for productivity once they are drilled to determine estimates of reservoir capabilities and size. For all of 2006, operators drilled 23,184 wells in the Oil Sands of Canada.
Lexington has sold its second well-testing package. The the two well-testing packages sold by Lexington Energy have together generated approximately $625,000 US in revenue. Rocket Leasing in Taber, Alberta, purchased this most recent package; the first was bought by Red Deer Oil Field Production Testing. The most recent video’s were filmed in the Calgary offices and warehouse where these are built.
This is a dependable portion of Lexington’s business. As long as they are drilling in the Canadian Oil Sands there will be a need to estimate the reservoir capabilities and size of the well. Although many wells are still listed as standing with no final status, preliminary analysis shows 2006 had more oil wells drilled than in any year since the year 2000 and when final numbers are in, 2006 may go down in the books as the busiest oil drilling year since the oil boom of 1997 when 8,684 oil wells were drilled.
Stay Tuned: Video and details!
Source: Lexington Energy Services and Weekly Energy Bulletin, Nickles Canadian Oil Register, January 22, 2007
CONTACT: Lexington Energy Services Inc., Mark Procknow, Investor Relations, Calgary, 1-877-279-4550
About Lexington Energy Services Inc.: Lexington Energy Services Inc. manufactures and leases innovatively designed oilfield service equipment. Through their wholly owned subsidiary, Lexcore Services Inc., we also provide a range of drilling services to meet the growing needs of the oil and gas industry, including Alberta’s oil sands.
Forward-Looking Statements: Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Lexington’s filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
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