Market Milestones first reported on Bluefire Equipment Company's BLFR newly patented PDC (Polycrystalline Diamond Compact) oil drilling bit back on Juky 10th. The Company says this new bit has the ability to drill significantly faster and farther in shale - drawing similarities to the revolutionary aspects of Howard Hughes Sr.'s patented rotary bit during the Spindletop era BHI.

Yesterday, Bluefire reported that "a Wyoming exploration company signed a purchase order for BlueFire's polycrystalline diamond cutter (PDC) drill bit."

According to information taken from Bluefire Equipment Company's website, their newest patented bit allows drilling much faster and longer, without having to stop and pull the entire drill pipe out of the well and replace the drill bit. With vast drilling by Continental Resources CLR and Kodiak Oil & Gas KOG currently taking place in the Bakken Formation, Marcellus Formation, and Eagle Ford formation, among others, a new bit that drills considerably faster and farther could certainly be a big development.

The new bit design appears to follow common sense. Bluefire's design directs drilling fluid to the surface of the PDC cutters, keeping them much cooler (over 300 degrees Celsius). This single design change greatly extends the life of the cutters.

At market close, BLFR showed a total market capitalization of under 16Mil. A controlling 51% of the Company could theoretically be 8.2Mil. One might wonder, if this technology proves out, if it might be possible for someone to control this new technology at a bargain.