Coiled Tubing Service combines equipment and support.
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Press Release Summary:
Offered to clients on day-rate contract basis, 2 coiled tubing units in Calgary, Alberta can be used for well cleanouts to enhance or initiate production in oil or gas wells. Continuous string of pipe, inserted into drill hole, facilitates use of specialized tools, stimulation fluids, and nitrogen pumping. Along with 2 Lexcoil employees for support, service offers option of contracting coiled tubing units in tandem with company's nitrogen generation units.
Original Press Release:
Lexington Energy Services Inc.
CALGARY, Alberta, May 31 - Lexington Energy Services (BULLETIN BOARD: LXES) , an oilfield services and nitrogen generation company serving the Canadian oil and gas industry, today announced the launch of the Company's wholly owned subsidiary Lexcoil coiled tubing services.
Lexcoil will operate two coiled tubing units from Lexington Energy Services' operational headquarters in Calgary, Alberta. Both units are operational and ready for use on site. The units are available to clients on a day-rate contract basis, which will include two Lexcoil employees to support the service. The Company also intends to provide customers with the option of contracting the coiled tubing units in tandem with the Company's nitrogen generation units.
Coiled tubing units are primarily used for well cleanouts to enhance or initiate production in oil or gas wells. Coiled tubing units use a continuous string of pipe that is inserted into a drill hole, to facilitate the use of specialized tools, stimulation fluids, and nitrogen pumping into a well or drill hole.
Chief Executive Officer, Brent Nimmeck, stated, "The introduction of Lexcoil and the immediate availability of these two coiled tubing units, illustrates how we are systematically expanding and growing our business. I believe our ability to add ancillary products and services for Lexington Energy's growing list of clients will increase value not only for our customers but also for the Company and our shareholders."
Recently, Lexington announced over $1.9 million in drilling revenue from its winter drilling season in the Athabasca Oil sands, through its drilling subsidiary, Lexcore.
For complete terms, please visit http://www.sec.gov/.
ABOUT LEXINGTON:
Lexington Energy Services is an oilfield service company providing Nitrogen pumping and generation, coiled tubing and a range of drilling services through its subsidiaries, Lexcore and Lexcoil.
For more information, contact:
Mark Procknow
Corporate Communications
Lexington Energy Services Inc.
Calgary, AB
403-279-4585
Bethany Tomich
Investor Relations
Equity Performance Group
617-723-1465
Bethany@equityperfgp.com
http://www.equityperformancegroup.com/
