BlueFire Set to Compete in U.S. Oil and Gas Resurgence
Innovative drill bit shows potential to play a role in industry expansion
HOUSTON--(BUSINESS WIRE)-- As the new U.S. oil boom continues to unfold, BlueFire Equipment Corporation (OTCQB: BLFR) announced today that its proprietary polycrystalline diamond cutter (PDC) drill bit technology is poised to be part of the technological advances driving the resurgence in oil and gas exploration.
According to the American Petroleum Institute, U.S. oil production is at its highest level in 20 years, exceeding 7.3 million barrels per day this year, up from 6.4 million in 2012. According to the International Energy Agency, the U.S. could surpass Saudi Arabia and Russia to become the world's biggest oil producer by 2020. Such explosive growth has led to the need for innovative technology to keep up with this rate of production.
As previously announced, the BlueFire PDC bit drilled to a depth of 6,500 feet with only one bit on a recent well in Oklahoma. The BlueFire bit outperformed a major competitor by four bits and seven days. Feedback from this and other operators using BlueFire's PDC bits is that over the course of a drilling program, BlueFire's technology has the ability to save operators millions of dollars.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, "Fossil fuels promise to remain relevant for years to come, and BlueFire's drilling technology stands to play an important role in helping unlock future supplies."
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 Texas
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