BlueFire Equipment Corporation (OTCQB: BLFR) disclosed today that it has
established its new research lab. The high-tech space consists of a
fully equipped lab for its dynamic research and development component,
and will house BlueFire’s corporate headquarters.
According to the American Petroleum Institute, U.S. oil production is at
its highest level in 20 years, exceeding 7.3 million barrels per day
this year, up from 6.4 million in 2012. This equates to more than $750
million per day of economic activity in the U.S. According to the
International Energy Agency, the U.S. will soon surpass Saudi Arabia and
Russia to become the world’s biggest oil producer. Such explosive growth
has led to the need for innovative technology to keep up with this rate
of production.
Chairman and CEO of BlueFire Equipment Corporation William Blackwell
said, “BlueFire’s new home will facilitate the continued development of
intellectual property and enable our team of scientists to ramp up the
technological innovation that has resulted in products with superior
performance.”
As previously announced, BlueFire’s polycrystalline diamond cutter (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.
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. 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