BlueFire Equipment Corporation (OTCBB: BLFR) announced today that field testing of its proprietary polycrystalline diamond cutter (PDC) drill bits has exceeded company expectations.
BlueFire’s exclusive technology provides the potential for higher rates of penetration (ROP) and longer bit runs in hard rock formations and shales.
BlueFire Equipment Corporation Chairman and CEO William A. Blackwell said, “U.S. drilling companies continue to seek out and employ new technologies to improve performance and effectiveness. Culminating years of research and development, BlueFire has taken a ground up approach to redesigning the PDC bit to help meet these needs.”
In order to improve performance and reduce drilling costs per foot cost, 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 well bottom 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 steams directly on the cutting edge, lubricating the interface between the cutters and the rock formation being drilled. Furthermore, improved cleaning and scouring action facilitates removal of cuttings. The result is a bit that runs cleaner and cooler.
More information about BlueFire Equipment Corporation can be viewed 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. Major exploration and production companies include ExxonMobil (NYSE: XOM), BP (NYSE: BP), and ConocoPhillips (NYSE: COP). BlueFire Equipment Corporation was founded in 2008 and is headquartered in Houston, Texas.
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.
Contacts:
William Blackwell, 866-713-3700
