BlueFire Finalizing Production of Customized Drill Bits for International Clients
October 31 2013 - 7:30AM
Business Wire
Company optimizing technology to meet client needs
BlueFire Equipment Corporation (OTCQB: BLFR) announced today its
team of scientists and engineers are working to finalize production
of custom designed proprietary polycrystalline diamond cutter (PDC)
drill bits for its international clients.
Using advanced manufacturing techniques, BlueFire is optimizing
and adapting its leading edge drill bit technology for
international applications.
Chairman and CEO of BlueFire Equipment Corporation William A.
Blackwell said, “BlueFire’s team is customizing its highly
engineered drilling equipment for very deep, high pressure
environments and dense, hard rock formations.” He added, “We are
casting these tungsten carbide PDC bits using our company’s
advanced manufacturing techniques and made-to-order design
specifications. The result is an improved product with the same
cost and time saving attributes as our previous designs.”
Over the course of a drilling program, BlueFire’s technology has
demonstrated the potential to save operators millions of dollars.
As previously announced, the BlueFire PDC bit drilled in excess of
200 feet per hour in the Powder River Basin, demonstrating
excellent performance. BlueFire’s proprietary bit drilled more than
6,000 feet at the Campbell County, Wyoming location.
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. 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 using directed ports to accelerate cleaning and optimize
cooling. 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
well bottom 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
streams 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.
BlueFire Equipment CorporationWilliam Blackwell,
866-713-3700
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