BlueFire Equipment Corporation (OTCQB: BLFR) announced today that recent
analyses of data from drilling results in the field indicate its
proprietary polycrystalline diamond cutter (PDC) drill bit technology is
a potential game changer in the drilling industry.
On a recent well in Oklahoma, the BlueFire PDC bit drilled to a depth of
6,500 feet with only one bit, outperforming a major competitor by four
bits and seven days. Feedback from this and other operators using
BlueFire’s PDC bits is that over the course of a drilling program,
BlueFire’s technology has the ability to save operators millions of
dollars.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell
said, “BlueFire is pleased to be part of the improved drilling
technology that is boosting exploration across the country and leading
to energy independence for the U.S.”
As previously announced, BlueFire’s exclusive design has the ability to
provide higher rates of penetration (ROP) and longer bit runs in hard
rock formations and shales, representing a breakthrough in drilling
technology.
In order to improve performance and reduce drilling cost 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 ROP and are designed with computational
fluid dynamics (CFD) directed ports to accelerate cleaning and optimize
cooling of large diameter PDC cutters. 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 bottom
of the wellbore 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.
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.
Copyright Business Wire 2013