Pacific Energy Development and Blast Energy Services
Sign Merger Agreement

Danville, California, January 20, 2012: Pacific Energy Development Corp. (“PEDCO”), a
privately-held oil and gas company engaged in the acquisition and development of energy
projects in the U.S. and Pacific Rim countries, and Blast Energy Services, Inc. (“Blast”)
(OTCBB: BESV), a U.S. publicly-traded operating oil and gas company engaged in the
exploration and production of petroleum resources in the U.S. and the development and
commercialization of a patented applied fluid jetting down-hole stimulation technology, today
announced that they have signed a definitive Agreement and Plan of Reorganization (the
“Merger Agreement”).

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