SOURCE: Blaze Energy Corporation

August 13, 2007 14:38 ET

Blaze Energy Corp. (BLZE), a Subsidiary of Environmental Energy Services, Inc. (EESV), Raises Over $16 Million From Sale of Assets & Equity

Blaze Energy Announces That It Has Raised Over $16 Million to Further Its Projects

BOISE, ID--(Marketwire - August 13, 2007) - Blaze Energy Corp. (PINKSHEETS: BLZE) today announced that it has raised over $16 million to further its business. Blaze Energy is a majority controlled subsidiary of Environmental Energy Services, Inc. (PINKSHEETS: EESV). EESV recently filed Form 8-Ks with the SEC which contain further details. As Blaze Energy announced previously, it has been seeking capital to exploit its interest in the Fayetteville Shale Field in Arkansas. Blaze Energy has recently raised over $1.5 million in a private offering, and is in discussions about a larger capital raise in the near future. On August 3, 2007, Blaze Energy sold a portion of its working interest in the field to a subsidiary of Petrohawk Energy Corporation for $15,177,679.

Blaze Energy holds working interests in varying percentages in approximately 45,000 acres of land overlying the Fayetteville Shale field. Blaze Energy's interests are concentrated in Van Buren & Cleburne Counties along the pipeline, and are surrounded by those of Southwestern, Chesapeake and Petrohawk, the operator of the Blaze Energy's interests. BLZE estimates roughly 3,000 wells could be drilled in the acreage in which Blaze Energy owns working interests.

The proceeds of the private offering and the asset sale are to be used for drilling capital expenditures, the settlement of overriding royalties, and general corporate purposes. In addition, Blaze may use some portion of the proceeds to purchase existing production in other fields. Chairman & CEO A. Leon Blaser, Ph.D. stated, "We are very excited about the introduction of a well-capitalized firm like Petrohawk into the Fayetteville Shale field, especially given the ambitious drilling schedule it has planned. And, raising over $16 million will enable us to move forward while we seek additional funding to meet our share of drilling capital expenditures for roughly 3,000 wells in the Fayetteville Shale. EESV's projects are starting to get a lot of critical attention, which is building momentum for us."

As further information becomes available regarding additional financing and wells scheduled to be drilled this month in the Fayetteville Shale, BLZE will make further announcements as to the progress of developing its energy interests.

More information can be found at Blaze Energy's website.

About Blaze Energy:

Blaze Energy is a natural gas exploration and production company primarily engaged in the Fayetteville Shale gas project in Arkansas. Blaze Energy is an active partner in significant prospective acreage blocks in Van Buren, Cleburne and Conway counties. For more information please visit www.blazeenergy.net.

Blaze Energy is a majority-owned subsidiary of EESV. More information about EESV can be found on its website, www.eesvinc.com.

About EESV:

Environmental Energy Services, Inc. (EESV) is an independent oil and gas exploration and production company. It combines cutting-edge technology and research to acquire hydrocarbon energy resources for development and, ultimately, production. With its corporate headquarters located in Boise, Idaho, EESV through its various holdings and subsidiaries, participates in and/or controls resources and projects in Arkansas, Louisiana, Oklahoma and Alaska. The company's website address is www.eesvinc.com.

This press release includes forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to matters such as prospects, anticipated operating and financial performance. Actual prospects and performance may differ from anticipated results due to economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the company, including risks of production variances from expectations, market volatility, the level of capital expenditures required to fund ongoing drilling initiatives and the ability of the company to execute its business strategy. These and other risks are described in the company's reports filed with the United States Securities and Exchange Commission. These forward-looking statements are made only as of the date of this communication and EESV undertakes no obligation to update or revise these forward-looking statements.

Contact Information

  • PR Contact:
    Mike Thompson
    President
    Blaze Energy Corporation, Inc.
    3350 Americana Terrace Suite 215
    Boise, Idaho 83706
    208-287-4471
    Email Contact