BlueFire Equipment Corporation (otcqb:BLFR) announced today it is receiving inquiries and requests for quotes from international firms interested in BlueFire's proprietary polycrystalline diamond cutter (PDC) drill bit technology.

Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, "It is well known that the U.S. produces the best drilling equipment in the world and there is high international demand for it." He added, "As a result of our current manufacturing modalities, BlueFire is capable of delivering highly customized solutions for the massive international oil and gas industry."

According to the Oil & Gas Industry Guide, in 2016, the global oil and gas market is forecast to have a value of $3,758.6 billion, an increase of 16.6% since 2011.

Blackwell said BlueFire's ability to provide customization will open a new avenue of expansion for the company as it continues to develop its intellectual property. In January 2012, BlueFire was issued its first patent for a new rotary drill bit that includes a manifold for outputting fluid flow to a plurality of nozzles to respective cutting elements. A second patent disclosing further claims for PDC drill bits and methods is currently under review by the U.S. Patent and Trademark Office.

Over the course of a drilling program, BlueFire's technology has the potential to save operators millions of dollars. As previously announced, the BlueFire PDC bit drilled in excess of 200 feet per hour in the Powder River Basin, demonstrating excellent performance. BlueFire's proprietary bit drilled more than 6,000 feet at the Campbell County, Wyoming location.

BlueFire's exclusive design has the ability to provide higher rates of penetration (ROP) and longer bit runs in hard rock formations and shales, representing a breakthrough in drilling technology. 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.