Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
gateway- any thing new on the horizon with particle drilling? I haven't heard a thing, have you?
gateway and st logic- pdrt imho will get close to double digits soon enough. St logic- I agree shumate is going to be another home run, I also beleive that pdrt must have signed a major contract with one of the big boys.
I just have to repeat what you just said....hold shmt also......GLTA
Have to be drilling for Chevron, Shell or the like.
If this method catches on look out above.
Shumate will have a similar fate and they don't have to prove it works, it does.
"ranks among the top five companies in the U.S. in terms of domestic onshore drilling and development activity." From the PR today.....
Multinational Hmmm. danny ray is Mr. PDRT
Does anybody even follow this puppy...soon to be an adult?
Particle Drilling shares up on deal with exploration company
PrintDisable live quotesRSSDigg itDel.icio.usBy Gabriel Madway
Last Update: 11:23 AM ET Jan 31, 2007
SAN FRANCISCO (MarketWatch) -- Particle Drilling Technologies Inc. (PDRT : particle drilling technologi com
News , chart, profile, more
Last: 4.10+0.59+16.81%
5:20pm 01/31/2007
Delayed quote dataAdd to portfolio
Analyst
Create alertInsider
Discuss
Financials
Sponsored by:
PDRT4.10, +0.59, +16.8%) shares surged 14% to $4 in Wednesday morning trade after the Houston-based company said it has entered into a one-year services agreement with an unnamed multi-national independent exploration and production company. Financial terms of the deal were not disclosed. Particle Drilling, a provider of oilfield services, said the operator ranks among the top five companies in the U.S. in terms of domestic onshore drilling and development activity.
all- the whole oil industry has been getting hammered and the trickle down effect has hurt pdrt
Coming off Overbought but still on a gradual climb...nice buying opp here imo.....GLTA
it is spiking.......
Nice perchboy...write me a vulgar message and then go hide behind your ignore button....childish crappie sissy
Particle Drilling Technologies Completes Successful Test and Records Longest PID Run to Date
Thursday November 30, 5:36 pm ET
Highlights * PID System Demonstrates Penetration Rates in Line With Expectations * Drilling Performance on 2nd Trial Puts Company on Customer's New Rig Within 30 Days
HOUSTON, Nov. 30 /PRNewswire-FirstCall/ -- Particle Drilling Technologies, Inc. (Nasdaq: PDRT - News; "Company") today announced that it has completed a successful test of the Particle Impact Drilling (PID) technology and achieved significant results during the longest ever PID run. During this test, the Company drilled a 92 foot interval in seven hours of drilling, whereas the subsequent conventional bits averaged 90 feet in each 24-hour period during the following five days. This trial resulted in a record continuous run for the Company and further validated the merit of the PID technology. The PID system development continues to progress and the operational protocol is becoming routine.
ADVERTISEMENT
The duration of this test was limited due to issues associated with the Company's injection system that resulted in periodic interruption of PID operations. The Company remains focused on replacing the frac pump injector with a system that is more efficient, more reliable and that requires less intervention and fewer personnel. The Company has a high degree of confidence that it will successfully replace the current injection system in the near future. As previously announced, the Company expects to have the second fully equipped PID system complete and available for operations by January of next year.
Jim Terry, the Company's President and CEO, commented, "The most recent test provides unquestionable proof that the PID technology is indeed a game changing drilling system. We now have direct comparisons in terms of rate of penetration both before and after the PID operation which confirms substantial improvement in drilling performance. With more experience, the rate of penetration is expected to improve as we continue to optimize system components and other parameters. We are looking forward to continued progress on the next well.
"This test was concluded when it became apparent the time required to fully remediate the injector system was not justified. We have developed and are now testing new injector systems to replace the frac pump system, which should eliminate downtime experienced with the current injector."
Two new prototype particle injection systems have been designed, engineered and constructed. Testing continues on the first system which relies on a series of canisters, although it is a prototype and will require further modification before field testing can begin. The second system which relies upon a readily available metal extrusion device is scheduled to be delivered in approximately two weeks. The extrusion injection system would be available for field use should testing in the Company's research facility in Houston prove to be in line with expectations.
About Particle Drilling Technologies, Inc.
PDTI is a development stage oilfield service and technology company owning certain patents and pending patents related to the Particle Impact Drilling technology. PDTI's technology is designed to enhance the rate-of-penetration function in the drilling process, particularly in hard rock drilling environments. PDTI is headquartered in Houston, Texas.
Safe Harbor Statement
Certain statements in this press release that are not historical but are forward-looking are subject to known and unknown risks and uncertainties, which may cause PDTI's actual results in future periods to be materially different from any future performance that may be suggested in this press release. Such risks and uncertainties may include, but are not limited to, PDTI's need to raise equity capital and its ability to obtain equity financing on acceptable terms, if at all, a severe worldwide slowdown in the energy services sector and working capital constraints. Further, PDTI is a development stage company that operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond PDTI's control such as announcements by competitors and service providers.
Contacts: J. Chris Boswell, SVP & CFO
Particle Drilling Technologies, Inc.
713-223-3031 ext. 2085
Ken Dennard, Managing Partner
Jack Lascar, Partner
DRG&E / 713-529-6600
PDRT: Coverage initiated on Particle Drilling by CapitalOne southcoast at a BUY...
Particle Drilling Technologies Provides Operational Update
Tuesday July 18, 2:00 pm ET
HOUSTON, July 18 /PRNewswire-FirstCall/ -- Particle Drilling Technologies, Inc. (Nasdaq: PDRT - News; "PDTI" or "Company") is today providing an operational update along with anticipated timing for its next commercial trial.
ADVERTISEMENT
Jim Terry, PDTI's President and Chief Executive Officer stated, "During our first trial, we demonstrated to the industry that the particle impact drilling (PID) system is capable of generating outstanding penetration rates. The most important achievements realized on the first trial revolved around the downhole performance of the PID bit, the ability to circulate steel particles in and out of a 10,000+ foot well and the opportunity to further develop operational practices with the system. Also, we learned how to deal with a complete pump shut down resulting in a heavy accumulation of steel particles at the bottom of the well and confirmed such an event is not damaging to the well. We remain very excited about the potential of this technology and look forward to a substantial improvement in drilling performance during this upcoming trial."
Second Commercial Trial: PDTI anticipates it will mobilize the PID system to the Uinta Basin area of northeast Utah to begin preparations for the next commercial trial during the next three to four weeks. As previously communicated, the Company's timing for the next commercial trial is completely dependent on the operator's drilling schedule.
The next commercial trial will be conducted in the area of the field known for the slowest penetration rates and longest drilling times. We anticipate drilling through an interval that is very similar to the interval drilled during the first trial. The rate of penetration ("ROP") for conventional drilling in this interval generally averages below 6 feet per hour and several bits are normally consumed. The PID system succeeded in drilling at substantially faster ROP rates during the first trial ranging 3 to over 6 times faster than the conventional bits used in this area. On the first commercial trial, the amount of time engaged with the formation was limited due to drilling rig integration issues and inadequate performance of the particle recovery unit. The Company believes that the drilling rig integration issues were largely identified and resolved during the first trial. The particle recovery unit has now been replaced with a much simpler system, as more fully described below. The Company expects the new recovery system will substantially reduce downtime going forward.
Enhancements to the PID System and Operational Update: PDTI has developed and tested its new particle recovery system, which is an open system that allows the particles to flow across the shale shaker in the same manner as the formation cuttings. As the particles and cuttings flow from the shale shaker to the mud pit, the new recovery system will intervene and separate the steel particles from the non-metallic cuttings so that the particles can be captured and re-injected. This new system relies on an industrial rotating magnetic drum and conveyor to separate and collect the particles. This device has been thoroughly tested at the Company's research facility in Houston, Texas.
Additionally, over the past six months the Company has designed, engineered and began assembling a new proto-type particle injection system, along with other conceptual designs which will be further tested and evaluated over the next few months. Each of the new injector concepts are unique and have been designed to increase system reliability and broaden the application of the PID technology to a greater number of existing drilling rigs while reducing operating cost, footprint, manpower, maintenance and capital cost. Once the appropriate injector device is selected, the Company expects to begin the manufacture of several of such devices in order begin scaling the business. Until then, the Company intends to continue using the proven frac pump driven injector system, which performed adequately on the first commercial trial.
Particle Drilling Technologies, Inc., headquartered in Houston, Texas, is a development stage oilfield service and technology company owning certain patents and pending patents related to the Particle Impact Drilling technology. The Company's technology is designed to enhance the rate-of- penetration function in the drilling process, particularly in hard rock drilling environments.
Certain statements in this press release that are not historical but are forward-looking are subject to known and unknown risks and uncertainties, which may cause PDTI's actual results in future periods to be materially different from any future performance that may be suggested in this press release. Such risks and uncertainties may include, but are not limited to, PDTI's ability to raise equity capital, if necessary, and its ability to obtain equity financing on acceptable terms, if at all, a severe worldwide slowdown in the energy services sector and working capital constraints. Further, PDTI is a development stage company that operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond PDTI's control such as announcements by competitors and service providers.
Contacts: J. Chris Boswell, SVP & CFO
Particle Drilling Technologies, Inc.
713-223-3031 ext. 204
Ken Dennard, Managing Partner
Jack Lascar, Partner
DRG&E / 713-529-6600
Balance Sheet
Total Cash (mrq): 8.77M
Total Cash Per Share (mrq): 0.356
Total Debt (mrq): 81.43K
Total Debt/Equity (mrq): 0.008
Current Ratio (mrq): 6.837
Book Value Per Share (mrq): 0.424
Shares Outstanding: 24.65M
Float: 16.83M
Particle Drilling Technologies Mobilizes for Its First Commercial Trial with Gasco
Tuesday April 11, 6:00 am ET
HOUSTON, April 11 /PRNewswire-FirstCall/ -- Particle Drilling Technologies, Inc. ("PDTI" or "Company") (Nasdaq: PDRT - News) today announced that it has mobilized its patented Particle Impact Drilling (PID) system and personnel from Houston, Texas to northeastern Utah in order to make preparations for its first commercial trial with Gasco Energy, Inc. ("Gasco") (Amex: GSX - News).
ADVERTISEMENT
Gasco has spud the well and expects to encounter the hard rock intervals which have been targeted for the PID system on or around April 17, 2006. These intervals are generally found below 9,500 feet, and are known for slow drilling rates. The rate of penetration ("ROP") in these lower intervals generally average between four and eight feet per hour and several drill bits are normally consumed. The PID system has succeeded in drilling at substantially faster rates in comparable rock formations while drilling test wells. This will, however, be the first time the PID system has been utilized on a conventional drilling operation at this depth.
During the months leading up to this commercial trial, PDTI has further prepared and tested the PID system and taken the necessary steps to assure that there are redundant parts and backups for each element of the system in order to minimize the risk of disruption. Despite these preparations, a new technology such as the PID system operating for the first time in a commercial environment should be expected to encounter unforeseen events. The Company has addressed and substantially resolved various equipment and operational-related issues that have been previously observed as the research and development process has progressed from the laboratory to the field. Unless new unforeseen issues develop in the field, PDTI expects the PID system will demonstrate significantly enhanced performance compared to conventional techniques and that such performance will be further enhanced as the Company gains more operating experience. PDTI anticipates that it will communicate the results of the first well and its plans for any further wells sometime in early May 2006.
Jim Terry, PDTI's President and Chief Executive Officer stated, "We are very excited about the upcoming commercial trial with Gasco. After gaining considerable experience operating and improving this technology over the past months, we are confident the PID system is now ready to be further demonstrated on a commercial basis and while we may not knock the ball out of the park on our first at bat, we have enough experience with the technology to feel like our chances of getting on base are very high. In my experience, I have yet to see a new oilfield technology with so much potential as the PID system in terms of efficiency, cost reduction and a process that is so non-intrusive to the operator."
Particle Drilling Technologies, Inc., headquartered in Houston, Texas, is a development stage oilfield service and technology company owning certain patents and pending patents related to the Particle Impact Drilling technology. The Company's technology is designed to enhance the rate-of-penetration function in the drilling process, particularly in hard rock drilling environments.
Certain statements in this press release that are not historical but are forward-looking are subject to known and unknown risks and uncertainties, which may cause PDTI's actual results in future periods to be materially different from any future performance that may be suggested in this press release. Such risks and uncertainties may include, but are not limited to, PDTI's ability to raise equity capital, if necessary, and its ability to obtain equity financing on acceptable terms, if at all, a severe worldwide slowdown in the energy services sector and working capital constraints. Further, PDTI is a development stage company that operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond PDTI's control such as announcements by competitors and service providers.
Contacts:
J. Chris Boswell, SVP & CFO
Particle Drilling Technologies, Inc.
713-223-3031 ext. 204
Ken Dennard, Managing Partner
Jack Lascar, Partner
DRG&E / 713-529-6600
Particle Drilling Technologies Posts Animation of Its Patented Drilling System to Website
Wednesday April 12, 7:00 am ET
HOUSTON, April 12 /PRNewswire-FirstCall/ -- Particle Drilling Technologies, Inc. ("PDTI" or "Company") (Nasdaq: PDRT - News) today announced that it has created an animated presentation describing the patented Particle Impact Drilling (PID) system. This presentation is intended to more fully convey the purpose and fundamental operation of the PID system. The presentation may be found on the Company's website at: http://www.particledrilling.com.
ADVERTISEMENT
Particle Drilling Technologies, Inc., headquartered in Houston, Texas, is a development stage oilfield service and technology company owning certain patents and pending patents related to the Particle Impact Drilling technology. The Company's technology is designed to enhance the rate-of-penetration function in the drilling process, particularly in hard rock drilling environments.
Certain statements in this press release that are not historical but are forward-looking are subject to known and unknown risks and uncertainties, which may cause PDTI's actual results in future periods to be materially different from any future performance that may be suggested in this press release. Such risks and uncertainties may include, but are not limited to, PDTI's ability to raise equity capital, if necessary, and its ability to obtain equity financing on acceptable terms, if at all, a severe worldwide slowdown in the energy services sector and working capital constraints. Further, PDTI is a development stage company that operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond PDTI's control such as announcements by competitors and service providers.
Contacts:
J. Chris Boswell, SVP & CFO
Particle Drilling Technologies, Inc.
713-223-3031 ext. 204
Ken Dennard, Managing Partner
Jack Lascar, Partner
DRG&E / 713-529-6600
PDRT: Particle Drilling Technologies Announces Second Fiscal Quarter 2006 Earnings and Conference Call Schedule
Tuesday May 2, 5:58 pm ET
HOUSTON, May 2 /PRNewswire-FirstCall/ -- Particle Drilling Technologies, Inc. (Nasdaq: PDRT - News) announced today plans to release second fiscal quarter 2006 results on Tuesday, May 9, 2006 after the market closes. In conjunction with the release, Particle Drilling has scheduled a conference call, which will be broadcast live over the Internet on Wednesday, May 10, 2006 at 10:00 a.m. eastern time (9:00 a.m. central). The Company plans to provide an operations update and a review of the quarterly results.
What: Particle Drilling Technologies, Inc. Second Fiscal Quarter
Conference Call
When: May 10, 2006 - 10:00 a.m. eastern time
Where: Live via phone by dialing 303-205-0033 and asking for the
Particle Drilling call at least 10 minutes prior to the start
time. Investors may also listen to the conference live on the
Particle Drilling website, http://www.particledrilling.com ,
on the "Investor Relations" section of the site.
A telephonic replay of the conference call will be available through May 17, 2006 and may be accessed by calling 303-590-3000 and using passcode 11060046. A web cast archive will also be available at http://www.particledrilling.com , on the "Investor Relations" section of the Company's website, shortly after the call and will be accessible for approximately 90 days. For more information, please contact Donna Washburn at DRG&E at 713-529-6600 or email dmw@drg-e.com .
Particle Drilling Technologies, Inc., headquartered in Houston, Texas, is a development stage oilfield service and technology company owning certain patents and pending patents related to the Particle Impact Drilling technology. The Company's technology is designed to enhance the rate-of- penetration function in the drilling process, particularly in hard rock drilling environments.
Certain statements in this press release that are not historical but are forward-looking are subject to known and unknown risks and uncertainties, which may cause PDTI's actual results in future periods to be materially different from any future performance that may be suggested in this press release. Such risks and uncertainties may include, but are not limited to, PDTI's ability to raise equity capital, if necessary, and its ability to obtain equity financing on acceptable terms, if at all, a severe worldwide slowdown in the energy services sector and working capital constraints. Further, PDTI is a development stage company that operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond PDTI's control such as announcements by competitors and service providers.
Contacts: J. Chris Boswell, SVP & CFO
Particle Drilling Technologies, Inc.
713-223-3031 ext. 204
Ken Dennard, Managing Partner
Jack Lascar, Partner
DRG&E / 713-529-6600
Shares Outstanding: 24.65M
Float: 16.83M
Followers
|
5
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
79
|
Created
|
04/12/06
|
Type
|
Free
|
Moderators |
Particle Drilling Technologies, Inc
11757 Katy Freeway, Suite 1300
Houston, Texas 77079
(713) 223-3031 telephone
(713) 224-6361 facsimile
www.particledrilling.com/
Particle Impact Drilling (PID) Technology
The patented Particle Impact Drilling (PID) technology is a mobile system that readily adapts to typical conventional drilling rigs. The system will be provided and operated by PDTI as a service to the oil and gas company for drilling certain rock intervals; specifically in wells where penetration rates decrease due to extreme compressive strength of the formations being drilled. Tests have shown that the PID system is capable of drilling through rock formations at rates multiple times faster than current conventional techniques.
The system relies on readily available hydraulic energy combined with round hardened steel particles entrained in the drilling fluid to rapidly excavate the rock formation being drilled. Unlike conventional drilling techniques, the process does not rely on weight-on-bit and torque to mechanically break the rock. Steel particles are introduced into the drilling fluid at a point downstream from the rig pumps, thus not interfering with the normal operation of the rig pumps. These particles then flow down the drill stem and are accelerated through the nozzles of a specially designed fixed-cutter bit, striking the formation at high velocities. The particles and cuttings are circulated to the surface by the drilling fluid where a shot-extraction device captures the particles for re-injection. The PID application results in significant rate-of-penetration gains, thereby reducing the amount of time the operator spends on location to drill the well. Value is generated by savings in labor, fuel, rentals, rig time and other variable well costs, resulting in a much more efficient and cost-effective drilling process.
The PID system is protected by U.S. Patents 6,386,300 B1 and 6,581,700 B2. Other U.S. patents and foreign patents are pending.
The reduction in drilling time and reduction of other drilling problems resulting from the utilization of the PID system represents estimated savings between 35% and 50% of conventional drilling costs.
===============================================================
PDTI's proprietary fixed-cutter bit and nozzle system capable of delivering 650 GPM of mud/shot slurry.
Contacts:
J. Chris Boswell, SVP & CFO
Particle Drilling Technologies, Inc.
713-223-3031 ext. 204
Ken Dennard, Managing Partner
Jack Lascar, Partner
DRG&E / 713-529-6600
================================================================
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |