U.S. Oil Consumption Powers Opportunity for BlueFire
BlueFire developing advanced offshore production equipment
HOUSTON--(BUSINESS WIRE)-- In response to the need for new technologies that reduce operational costs and risks in the booming Gulf of Mexico deepwater drilling environment, BlueFire Equipment Corporation (OTCQB:BLFR) announces it is in the process of developing leading edge equipment for use with deepwater offshore wells.
The U.S. will be the world's largest consumer of crude oil for years to come and offshore oil is primed to satisfy this colossal energy appetite. Oil and gas expert Dr. Tyler Priest discussed the benefits of offshore production in a Wall Street Journal article. He reported that the raw energy produced by a single offshore oil platform in 2010 - BP PLC's Thunder Horse facility in the Gulf of Mexico - was equivalent to the electricity generated in 2012 by all the wind and solar installations in the U.S. combined.
According to Dr. Priest, annual federal proceeds from offshore leases have ranged as high as $18 billion in recent years, second only to income taxes as a revenue source.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, "The deep-water Gulf of Mexico has become the world's fastest growing offshore market. Drilling activity in this area is growing to turn major discoveries into producing fields." He added, "BlueFire's highly qualified research and development division is poised to deliver solutions for challenges associated with these high temperature, high pressure wells."
As previously announced, BlueFire recently filed a provisional application with the United States Patent and Trademark Office (USPTO) for its proprietary offshore production equipment. The new equipment design is yet another platform in BlueFire's growing portfolio of intellectual property, and was filed as a direct result of recent meetings with an oil major regarding technology development.
BlueFire's first patent filing related to its polycrystalline diamond cutter (PDC) drill bit technology was issued on January 24, 2012 as U.S. Patent 8,100,201. A second patent disclosing further claims for PDC drill bits and methods is currently under review by the USPTO, file number 12/833,413.
Details about BlueFire Equipment Corporation (OTCQB:BLFR) and information about obtaining a quote are available at www.bluefireequipment.com.
About BlueFire Equipment Corporation (OTCQB: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.
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 Texas
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