BlueFire Equipment Corporation (OTCQB: BLFR) announced it is in talks with Russian oilfield equipment distributors regarding the company's highly engineered proprietary polycrystalline diamond cutter (PDC) drill bit. BlueFire's technology has attracted international attention since its scientific team began adapting the leading edge drilling equipment for a wide variety of environments and rock formations.

Russia is a major producer and exporter of oil and natural gas and its economy is largely dependent on energy exports. Russia's proven oil reserves were 60 billion barrels as of January 2012, according to the Oil and Gas Journal.

The U.S. Energy Information Administration reports Russia was the world's second largest producer of petroleum and natural gas in 2012 and 2013 (year to date).

Chairman and CEO of BlueFire Equipment Corporation William A. Blackwell said, "The use of more advanced technologies will assist Russia to access untapped reserves and result in increased output from existing oil fields." He added, "BlueFire's manufacturing techniques now enable customization for international applications while continuing to reduce costs, which will prove useful to Russia's drilling industry."

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.