BlueFire Breaks into New Market
BlueFire Breaks into New Market
Wyoming new target for BlueFire technology
HOUSTON--(BUSINESS WIRE)-- BlueFire Equipment Corporation (OTCQB:BLFR) revealed today that a Wyoming exploration company signed a purchase order for BlueFire's polycrystalline diamond cutter (PDC) drill bit. Along with this deal, BlueFire has the opportunity to provide the operator additional equipment for up to three more wells.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, "We are excited about breaking into this market and further evidencing the performance of our advanced drilling technology." He added that BlueFire's representative will be on location as drilling commences and will also meet with other oil and gas companies in the area.
In order to improve performance and reduce drilling costs 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 rates of penetration and are designed using directed ports to accelerate cleaning and optimize cooling. 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 well bottom 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 steams directly on the cutting edge, lubricating the interface between the cutters and the rock formation being drilled. Furthermore, improved cleaning and scouring action facilitates removal of cuttings. The result is a bit that runs cleaner and cooler.
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.
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.
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 Wyoming
The article BlueFire Breaks into New Market 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.