HOUSTON--(BUSINESS WIRE)--BlueFire Equipment Corporation (OTCQB: BLFR) disclosed today that its research and development division is poised to begin working on new deepwater production technology to meet the needs of the industry and the growing number of wells.
“We are excited to be working with an oil major to develop deepwater technology that may prove essential for producing oil from offshore wells under extremely high heat and pressure.”
Houston-based oilfield services company Baker Hughes (BHI) recently reported 1,791 rigs engaged in exploration and production in the U.S. This was up by 13 from the previous count, the sixth increase in seven weeks. Concurrently, rigs operating in the U.S. Gulf of Mexico rose to the highest level in four years.
Chairman and CEO of BlueFire Equipment William A. Blackwell said, “A sustained increase in the rig count impacts the demand for advanced exploration and production equipment.” He added, “We are excited to be working with an oil major to develop deepwater technology that may prove essential for producing oil from offshore wells under extremely high heat and pressure.”
As previously announced, BlueFire is currently preparing a provisional patent application to be filed with the United States Patent and Trademark Office (USPTO) for this proprietary offshore production equipment. The new technology is yet another platform in BlueFire’s growing portfolio of intellectual property.
BlueFire’s first patent filing was related to its polycrystalline diamond cutter (PDC) drill bit technology and was issued on January 24, 2012 as U.S. Patent 8,100,201. A second patent disclosing further claims for PDC drill bits and methods is currently under review by the USPTO, file number 12/833,413.
This proprietary PDC drill 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 bit. According to company findings, some wells can be drilled using a BlueFire bit without a single bit change, potentially saving drillers considerable time and money.
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.
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