Company optimizing technology to meet client needs
HOUSTON--(BUSINESS WIRE)--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 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.
