Growing Rig Count Impacts Demand for Production Technology

Growing Rig Count Impacts Demand for Production Technology

BlueFire readies to develop deepwater production technology

HOUSTON--(BUSINESS WIRE)-- BlueFire Equipment Corporation (OTCQB: BLFR) disclosed today that its research and development division is poised to begin working on new deepwater production technology to meet the needs of the industry and the growing number of wells.

Houston-based oilfield services company Baker Hughes (BHI) recently reported 1,791 rigs engaged in exploration and production in the U.S. This was up by 13 from the previous count, the sixth increase in seven weeks. Concurrently, rigs operating in the U.S. Gulf of Mexico rose to the highest level in four years.

Chairman and CEO of BlueFire Equipment William A. Blackwell said, "A sustained increase in the rig count impacts the demand for advanced exploration and production equipment." He added, "We are excited to be working with an oil major to develop deepwater technology that may prove essential for producing oil from offshore wells under extremely high heat and pressure."

As previously announced, BlueFire is currently preparing a provisional patent application to be filed with the United States Patent and Trademark Office (USPTO) for this proprietary offshore production equipment. The new technology is yet another platform in BlueFire's growing portfolio of intellectual property.

BlueFire's first patent filing was related to its polycrystalline diamond cutter (PDC) drill bit technology and was issued on January 24, 2012 as U.S. Patent 8,100,201. A second patent disclosing further claims for PDC drill bits and methods is currently under review by the USPTO, file number 12/833,413.

This proprietary PDC drill 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 bit. According to company findings, some wells can be drilled using a BlueFire bit without a single bit change, potentially saving drillers considerable time and money.

Details about BlueFire Equipment Corporation and information about obtaining a quote are available at

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.

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


The article Growing Rig Count Impacts Demand for Production Technology originally appeared on

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.