BlueFire Finalizing Production of Customized Drill Bits for International
Company optimizing technology to meet client needs
HOUSTON -- October 31, 2013
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
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
BlueFire Equipment Corporation
William Blackwell, 866-713-3700
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