BlueFire Finalizing Production of Customized Drill Bits for International Clients

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

BlueFire Equipment (PK) (USOTC:BLFR)
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から 10 2024 まで 11 2024