U.S. Oil Consumption Powers Opportunity for BlueFire
October 16 2013 - 7:30AM
Business Wire
BlueFire developing advanced offshore production equipment
In response to the need for new technologies that reduce
operational costs and risks in the booming Gulf of Mexico deepwater
drilling environment, BlueFire Equipment Corporation (OTCQB:BLFR)
announces it is in the process of developing leading edge equipment
for use with deepwater offshore wells.
The U.S. will be the world’s largest consumer of crude oil for
years to come and offshore oil is primed to satisfy this colossal
energy appetite. Oil and gas expert Dr. Tyler Priest discussed the
benefits of offshore production in a Wall Street Journal article.
He reported that the raw energy produced by a single offshore oil
platform in 2010 – BP PLC’s Thunder Horse facility in the Gulf of
Mexico – was equivalent to the electricity generated in 2012 by all
the wind and solar installations in the U.S. combined.
According to Dr. Priest, annual federal proceeds from offshore
leases have ranged as high as $18 billion in recent years, second
only to income taxes as a revenue source.
Chairman and CEO of BlueFire Equipment Corporation William A.
Blackwell said, “The deep-water Gulf of Mexico has become the
world’s fastest growing offshore market. Drilling activity in this
area is growing to turn major discoveries into producing fields.”
He added, “BlueFire’s highly qualified research and development
division is poised to deliver solutions for challenges associated
with these high temperature, high pressure wells.”
As previously announced, BlueFire recently filed a provisional
application with the United States Patent and Trademark Office
(USPTO) for its proprietary offshore production equipment. The new
equipment design is yet another platform in BlueFire’s growing
portfolio of intellectual property, and was filed as a direct
result of recent meetings with an oil major regarding technology
development.
BlueFire’s first patent filing related to its polycrystalline
diamond cutter (PDC) drill bit technology was issued on January 24,
2012 as U.S. Patent 8,100,201. A second patent disclosing further
claims for PDC drill bits and methods is currently under review by
the USPTO, file number 12/833,413.
Details about BlueFire Equipment Corporation (OTCQB:BLFR) and
information about obtaining a quote are available at
www.bluefireequipment.com.
About BlueFire Equipment Corporation (OTCQB: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 CorporationWilliam Blackwell,
866-713-3700
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