HOUSTON--(BUSINESS WIRE)--BlueFire Equipment Corporation (OTCQB:BLFR) announced today that its new Permian Basin agent Tom Willis is working closely with area drillers regarding the company’s proprietary polycrystalline diamond cutter (PDC) drill bit technology.
As reported by the Department of Energy, U.S. oil production for the week ended August 9, 2013 averaged 7.57 million barrels per day. That is the highest output of U.S. crude in any week since November, 1989, nearly 24 years ago.
In just the last two years oil production in the U.S. has increased by more than 2 million barrels per day (and by 36.2%), from 5.56 million barrels per day during the first week of August, 2011 to 7.57 million barrels per day for the same week in 2013. It took more than 20 years for U.S. oil output to gradually decline by 2 million barrels per day between 1989 and 2011, and then only 24 months to completely reverse this multi-decade decline.
Willis said, “This explosive growth is responsible for the resurgence in this area and will encourage even more activity in the months ahead. We are committed to developing a strong business presence in the Permian Basin to meet the needs of oil and gas companies seeking new technology.”
As previously announced, BlueFire’s 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.
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.