Natural Gas Services Group announces significant increase
Posted: 24 July 2003
Core leasing revenue has increased 71 per cent
Natural Gas Services Group, Inc, a leading provider of equipment
and services to the natural gas and oil industry, announced lease
revenue per month since their IPO in October 2002 has increased
an average of 71 per cent from $350,000 per month to more than $600,000
per month as of June 30, 2003.
Gas compression is needed to enhance production from gas wells
and to transport natural gas to pipelines.
Pipeline pressures vary and with the addition of new wells to a
pipeline, the need for compression increases.
The Company currently has 353 compressor packages in its rental
fleet, up from 308 units at the end of fiscal 2002.
The company’s strategic growth plan includes adding approximately
$5 million value of compressors annually during the next three years.
Wayne Vinson, President and CEO of Natural Gas Services Group,
Inc. said. "Today, the demand for natural gas is significantly
higher than average and, in my opinion, it is likely to remain high
through the upcoming heating season and beyond.
"As a result of this demand and our increasing lease revenue,
we continue to recognize positive trends in net income, gross margins,
operating performance, and cash used by our operations. This is
an exciting time for our Company as we continue to build shareholder
value.”
About Natural Gas Services Group, Inc. (NGSG)
NGSG manufactures, fabricates, sells, leases and services natural
gas compressors that enhance the production of oil and gas wells.
The Company also manufactures and sells flare systems and flare
ignition systems for plant and production facilities.
For more information visit the Company's website at www.ngsgi.com.
Posted by Richard Price,
Editor Pipeline Magazine
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