BlueFire Establishes Research Lab in Houston Area
New facility to further energize research and development activities
HOUSTON -- August 14, 2013
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.
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
BlueFire Equipment Corporation
William Blackwell, 866-713-3700
Press spacebar to pause and continue. Press esc to stop.