BlueFire Working in the Permian Basin
Jul 26th 2013 10:30AM
Updated Jul 26th 2013 10:36AM
BlueFire Working in the Permian Basin
As prolific basin continues ramp-up, BlueFire is poised for opportunities
HOUSTON--(BUSINESS WIRE)-- BlueFire Equipment Corporation (OTCQB: BLFR) announced today the company is aggressively establishing relationships for its proprietary polycrystalline diamond cutter (PDC) drill bit technology in the Permian Basin.
A longtime center of activity for conventional oil and gas exploration, the Permian Basin's current production, along with that of the Eagle Ford, is estimated to be more than one million barrels per day, according to Reuters.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, "Based on our meetings with prospective clients, we are highly optimistic about our ability to generate substantial business in this market."
BlueFire's exclusive design has the ability to provide higher rates of penetration (ROP) and longer bit runs in hard rock formations and shales, representing a breakthrough in drilling technology.
In order to improve performance and reduce drilling cost per foot, BlueFire bits employ large cutter face volumes for rapid drilling of shales, sandstones, limestones and sticky clays. These bits utilize premium PDC cutters for improved ROP and are designed with computational fluid dynamics (CFD) directed ports to accelerate cleaning and optimize cooling of large diameter PDC cutters. Company findings indicate a decrease of more than 30 percent in temperature on the cutting surfaces, drastically reducing cutter wear and extending the life of the bit.
Conventional bits use nozzles that eject drilling fluid into the bottom of the wellbore resulting in a general application and uneven distribution at the point of contact. BlueFire's bit design employs strategically aligned nozzles to concentrate high-pressure jet streams directly on the cutting edge, lubricating the interface between the cutters and the rock formation being drilled. Furthermore, improved cleaning and scouring action facilitates the removal of cuttings. The result is a bit that runs cleaner and cooler.
Details about BlueFire Equipment Corporation and information about obtaining a quote are available at www.bluefireequipment.com.
About BlueFire Equipment Corporation (BLFR)
BlueFire Equipment Corporation designs and manufactures proprietary drilling technologies for use in the exploration and production of oil and gas in the United States. It sells and leases various sizes of polycrystalline diamond cutter (PDC) drill bits to drilling contractors and oil and gas companies. BlueFire Equipment Corporation was founded in 2008 and is headquartered in Houston, Texas, where other major exploration and production companies have a presence, including ExxonMobil, BP and ConocoPhillips.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release only speaks as of the date of its distribution.
BlueFire Equipment Corporation
William Blackwell, 866-713-3700
KEYWORDS: United States North America New Mexico Texas
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