A Visit to Calgary – Part 6
Lexington Energy Services Inc. (OTCBB: LXES)
Lexington Energy Well-Testing Packages
In addition to the portable nitrogen units and the cutting edge drilling/coring system Lexington Energy is engaged in delivering the most modern well-testing packages available. Oil and gas wells require regular testing as an element of scheduled maintenance/repair. This testing also measures a well’s performance in order to have updated estimates on reservoir capabilities and size. In the past, the well-testing procedure was cumbersome and difficult because of the size of the equipment required, which had to be moved by large truck transport directly onto site locations. Lexington Energy has mobile equipment that are able to perform these tests with greater ease and more efficiently than those currently used in the industry.
The Basic Story
In the next few months we will detail this story. I have examined the equipment, the facilities, the financials and spent days with the directors and the management. My strong favorable opinion is based upon the following:
– The market for energy service equipment in the oils sands is huge. The number of oil sands projects planned in Alberta has been steadily climbing.
Cumulative capital to be spent in the oil sands, based on announced projects, amounts to more than $125 billion (Can.). This is a 140% increase from a 2003 estimate of $52 billion. (Friedman, Billings, Ramsey & Co. Inc. – September 29, 2006 research note update on oil sands.) The Canadian oil sands represent the best low-risk opportunities to add big oil reserves volumes.
– This is a win/win situation for client that is compelled to have core samples before spending hundreds of millions of dollars moving massive amounts
of earth.
– One of the most significant features of this company is that they have no debt and the paid-in capital represents an extensive investment by management in its own company:
I understand their business plan, their goals, their ethics and their work environment. To further document my personal insight into this company, I am sending my key writer and key videographer to deliver graphic details of the Lexington Energy story.
I want you to see what I saw and to understand this incredible reserve and the exploration process which will help deliver the source of oil for our children and our grandchildren. You will know that when you are investing in this company you are investing in the technology which will be the future of the United States.
I like this company. You will note that since our original announced compensation has changed. Visiting the company has motivated my interest in a more substantial restricted position as opposed to a short term free trading position or cash. Some stocks one buys, and puts aside for a year or two. I believe this company has excellent long term potential.
Management Team
Management Experience: I encourage you to view our upcoming ShareholderVision interviews with Larry Kristoff and Brent Nimeck.
Larry Kristof, President and CEO of Lexington
In addition to co-founding Lexington Energy Services Inc. in 2005, Mr. Kristof has acted in a key executive role for corporate communications companies for over seven years and has expertise in competitive market positioning, corporate business development, and policy development.
Brent Nimeck, COO of Lexington and President of Lexcore
With over 13 years of technical experience working in the oil and gas industries, Mr. Nimeck co-founded Lexington in 2005. That same year, he bought control of Southern Well Testing and has since tripled its fleet, successfully building the company to over $7.5 million dollars in annual revenue.
Dan Nanninga, VP Operations
With 32 years of direct drilling supervision experience, including 10 years in oil sands operations, Mr. Nanninga is involved in research and operational development. Mr. Nanninga joins Lexcore from his previous position as drilling superintendent for Petro-Canada’s oil sands operations.
D’Arcy Viksush, VP Integrated Services
With 20 years experience in all aspects of the oil and gas industry, including 6 years in oil sands project management, Mr. Viksush is also involved in research and operational development.
Maribel Jordan (BAccS, CGA), Controller
Ms. Jordan’s work experience includes over 15 years of private and public company accounting and general administrative responsibilities in various capacities with a background ranging from manufacturing to technological industries, from mining to oil and gas industries, and from architectural services to medical related companies.
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