Permian Basin Exceeds $2.5 Billion Monthly Production Revenue

Permian Basin Exceeds $2.5 Billion Monthly Production Revenue

BlueFire technology expected to attract operators seeking superior performance

HOUSTON--(BUSINESS WIRE)-- According to the Energy Research Department of Raymond James & Associates, Inc., the Permian Basin, one of the nation's most prolific conventional basins, is ready to begin another ramp-up in both investment and development.

Based upon current energy prices, the Permian Basin's million barrels per day production represents $2.5 billion to $3 billion a month in production revenue.

Realizing the financial impact and magnitude of this sector of the energy industry, BlueFire Equipment Corporation (OTCQB: BLFR) has recently established a local business presence in the area to allow greater accessibility to the company's proprietary polycrystalline diamond cutter (PDC) drill bit technology.

BlueFire Equipment Corporation Chairman and CEO William A. Blackwell said, "BlueFire's mission is to provide high performance technology to drill wells more efficiently and economically." He added, "With the financial impact of oil production in this area, BlueFire is committed to ensuring operators can obtain the superior equipment they need along with responsive customer service."

BlueFire's PDC drill bits are expected to become a sought-after commodity in the Permian Basin for their higher rates of penetration (ROP) and longer bit runs in hard rock formations and shales such as those found in the area. This proprietary bit may provide much faster and longer drilling without the need to stop and pull the entire drill pipe out of the well to replace a spent drill bit. According to recent findings, some wells can be drilled using a BlueFire bit without a single bit change, potentially saving considerable time and money for the driller. Last month, BlueFire announced it is working with the United States Patent and Trademark Office for an additional drilling tool patent.

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:

The article Permian Basin Exceeds $2.5 Billion Monthly Production Revenue originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.