BlueFire Equipment Corporation (OTCQB: BLFR) announced today that it has
signed an agreement with Midland, Texas agent Tom Willis to serve as its
representative in the Permian Basin. Willis will facilitate a local
business presence for BlueFire, allowing greater collaboration with
customers in the region. He will make BlueFire’s proprietary
polycrystalline diamond cutter (PDC) drill bit technology more
accessible to drillers operating in the area and engage the company in
other transactions for equipment and services.
Crude oil production in the Texas Permian Basin is approaching a million
barrels per day according to Karr Ingham, a petroleum economist for the
Texas Alliance of Energy Producers. BlueFire’s 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
such as those found in the area.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell
said, “Drilling operators in West Texas will appreciate BlueFire’s high
performance technology and boots on the ground to deliver top customer
service on location.” He added, “We welcome Tom to the BlueFire team and
we are confident he will add even more value to our innovative and cost
saving drilling equipment.”
As previously announced, this proprietary bit allows 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 costs 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.
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Copyright Business Wire 2013