BlueFire Establishes Research Lab in Houston Area
BlueFire Establishes Research Lab in Houston Area
New facility to further energize research and development activities
HOUSTON--(BUSINESS WIRE)-- BlueFire Equipment Corporation (OTCQB: BLFR) disclosed today that it has established its new research lab. The high-tech space consists of a fully equipped lab for its dynamic research and development component, and will house BlueFire's corporate headquarters.
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. This equates to more than $750 million per day of economic activity in the U.S. According to the International Energy Agency, the U.S. will soon surpass Saudi Arabia and Russia to become the world's biggest oil producer. Such explosive growth has led to the need for innovative technology to keep up with this rate of production.
Chairman and CEO of BlueFire Equipment Corporation William Blackwell said, "BlueFire's new home will facilitate the continued development of intellectual property and enable our team of scientists to ramp up the technological innovation that has resulted in products with superior performance."
As previously announced, BlueFire's polycrystalline diamond cutter (PDC) drill bits are expected to become a sought-after commodity for their higher rates of penetration (ROP) and longer bit runs in hard rock formations and shales.
BlueFire's 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:
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