BlueFire Team Collaborates with Prospective Oil and Gas Clients in Midland Area
BlueFire Team Collaborates with Prospective Oil and Gas Clients in Midland Area
HOUSTON--(BUSINESS WIRE)-- BlueFire Equipment Corporation (OTCQB: BLFR) announced today that it has commenced talks with exploration and production companies in the Midland, Texas, area regarding its proprietary polycrystalline diamond cutter (PDC) drill bit technology.
As reported by Nicholas Sakelaris, Staff Writer for Dallas Business Journal, Texas oil producers pumped more oil in recent months than many countries, ranking it with the likes of Kuwait and Venezuela. This was partly due to the production in the Permian Basin, also called the West Texas Basin, where Midland is located.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, "Midland has always been an oil town, and now it is experiencing a resurgence of growth and prosperity." He added, "The BlueFire team looks forward to cultivating long term relationships and introducing our PDC drill bit technology in the Permian Basin."
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
INDUSTRY KEYWORDS:
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