According to the Energy Research Department of Raymond James & Associates, Inc., the Permian Basin, one of the nation’s most prolific conventional basins, is ready to begin another ramp-up in both investment and development.

Based upon current energy prices, the Permian Basin’s million barrels per day production represents $2.5 billion to $3 billion a month in production revenue.

Realizing the financial impact and magnitude of this sector of the energy industry, BlueFire Equipment Corporation (OTCQB: BLFR) has recently established a local business presence in the area to allow greater accessibility to the company’s proprietary polycrystalline diamond cutter (PDC) drill bit technology.

BlueFire Equipment Corporation Chairman and CEO William A. Blackwell said, “BlueFire’s mission is to provide high performance technology to drill wells more efficiently and economically.” He added, “With the financial impact of oil production in this area, BlueFire is committed to ensuring operators can obtain the superior equipment they need along with responsive customer service.”

BlueFire’s PDC drill bits are expected to become a sought-after commodity in the Permian Basin for their higher rates of penetration (ROP) and longer bit runs in hard rock formations and shales such as those found in the area. This proprietary 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 drill bit. According to recent findings, some wells can be drilled using a BlueFire bit without a single bit change, potentially saving considerable time and money for the driller. Last month, BlueFire announced it is working with the United States Patent and Trademark Office for an additional drilling tool patent.