Offshore Drilling Boom Fuels Opportunity for BlueFire
BlueFire preparing to develop advanced offshore production equipment
HOUSTON--(BUSINESS WIRE)-- As reported by the Bureau of Safety and Environmental Enforcement (BSEE), offshore drilling is booming in the Gulf of Mexico. In part this is due to the development of new technologies that reduce operational costs and risks, and new reservoir discoveries with high production wells.
According to BSEE, total oil production in the Gulf of Mexico for 2012 was nearly 416 million barrels of oil. Based on average U.S. energy prices in 2012, that represents more than $35 billion in revenue.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, "The stakes are high in this area of the industry as are the prospective rewards. BlueFire is confident our production technology could facilitate deepwater production and encourage new discoveries."
As previously announced, BlueFire's patent attorney is reviewing and finalizing a provisional application with the United States Patent and Trademark Office (USPTO) for its proprietary offshore production equipment. The new equipment design is yet another platform in BlueFire's growing portfolio of intellectual property, and is being filed as a direct result of recent meetings with an oil major regarding technology development.
BlueFire's first patent filing related to its polycrystalline diamond cutter (PDC) drill bit technology 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.
Details about BlueFire Equipment Corporation (OTCQB:BLFR) 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.
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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