BlueFire’s Customized Drill Bits Attracting Russian Oil and Gas Sector
November 12 2013 - 8:08AM
Business Wire
Made-to-order technology continues to interest global
distributors
BlueFire Equipment Corporation (OTCQB: BLFR) announced it is in
talks with Russian oilfield equipment distributors regarding the
company’s highly engineered proprietary polycrystalline diamond
cutter (PDC) drill bit. BlueFire’s technology has attracted
international attention since its scientific team began adapting
the leading edge drilling equipment for a wide variety of
environments and rock formations.
Russia is a major producer and exporter of oil and natural gas
and its economy is largely dependent on energy exports. Russia’s
proven oil reserves were 60 billion barrels as of January 2012,
according to the Oil and Gas Journal.
The U.S. Energy Information Administration reports Russia was
the world’s second largest producer of petroleum and natural gas in
2012 and 2013 (year to date).
Chairman and CEO of BlueFire Equipment Corporation William A.
Blackwell said, “The use of more advanced technologies will assist
Russia to access untapped reserves and result in increased output
from existing oil fields.” He added, “BlueFire’s manufacturing
techniques now enable customization for international applications
while continuing to reduce costs, which will prove useful to
Russia’s drilling industry.”
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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