According to the Energy Research Department of Raymond James &
Associates, Inc., the Permian Basin, one of the nation’s most prolific
conventional basins, is ready to begin another ramp-up in both
investment and development.
Based upon current energy prices, the Permian Basin’s million barrels
per day production represents $2.5 billion to $3 billion a month in
production revenue.
Realizing the financial impact and magnitude of this sector of the
energy industry, BlueFire Equipment Corporation (OTCQB: BLFR) has
recently established a local business presence in the area to allow
greater accessibility to the company’s proprietary polycrystalline
diamond cutter (PDC) drill bit technology.
BlueFire Equipment Corporation Chairman and CEO William A. Blackwell
said, “BlueFire’s mission is to provide high performance technology to
drill wells more efficiently and economically.” He added, “With the
financial impact of oil production in this area, BlueFire is committed
to ensuring operators can obtain the superior equipment they need along
with responsive customer service.”
BlueFire’s PDC drill bits are expected to become a sought-after
commodity in the Permian Basin for their higher rates of penetration
(ROP) and longer bit runs in hard rock formations and shales such as
those found in the area. This 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. 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