Company achieving milestones ahead of schedule
HOUSTON — (BUSINESS WIRE) — December 11, 2013 — BlueFire Equipment Corporation (OTCQB: BLFR) announced today its 3D printing initiative is progressing ahead of schedule for the production of its proprietary polycrystalline diamond cutter (PDC) drill bits. Now that a highly complex digital design has been produced, BlueFire is targeting various 3D manufacturers. By using this leading edge technology, the company expects to achieve substantial cost savings in addition to expanding engineering capabilities.
As previously announced, BlueFire has developed a digitized model of its proprietary PDC drill bit prepared by a Texas-based 3D scanning company. Using SolidWorks, the 3D computer aided design (CAD) software, the BlueFire research and development team is currently working to configure its model for the 3D manufacturing process.
Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, “We are pleased this project is progressing faster than anticipated. Initial talks with 3D manufacturers have been productive and we see great value as we move forward.”
About 3D or Additive Manufacturing
Much of today’s manufacturing processes are based on “subtractive manufacturing,” which relies on the removal of material to create something. Additive manufacturing, or 3D printing, is a process by which three-dimensional objects in a diversity of shapes are manufactured by adding material using digital models. Metallic, plastic, ceramic or composite materials can be employed using this process, which involves building the required object by adding successive layers of material to achieve the desired shape.
3D printing uses a variety of different types of technologies. Stereolithography (SLA) focuses a beam of ultraviolet light onto a vat of liquid photocurable resin, drawing out the 3D model one layer at a time. Fused Deposition Modeling (FDM) produces an object by extruding a stream of melted material to form stacked layers. Selective Laser Sintering (SLS) uses a laser to fuse powdered materials layer by layer to form the object.
About BlueFire’s PDC Drill Bits
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 quotes are available at www.bluefireequipment.com.
About BlueFire Equipment Corporation (OTCQB: 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.
Contact:
BlueFire Equipment Corporation
William Blackwell, 866-713-3700
