BLFR BlueFire Equipment Corporation (PK)

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

BlueFire Equipment (PK) (USOTC:BLFR)
Historical Stock Chart
Von Okt 2024 bis Nov 2024

BlueFire Equipment (PK) (USOTC:BLFR)
Historical Stock Chart
Von Nov 2023 bis Nov 2024