BlueFire Holds Another Drilling Tool Patent Up Its Sleeve

BlueFire Equipment Corporation announced yesterday that initial discussions with one of the oil majors have paved the way for new offshore technology development.

At the request of the major, BlueFire is preparing a provisional patent application to be filed with the United States Patent and Trademark Office (USPTO).

As shallow oil becomes increasingly difficult to find, major oil and gas companies are turning to high-pressure, offshore wells that have the potential to produce more than 50,000 barrels of oil per day. However, in order to access the oil new technology must be developed to handle the extreme conditions.

COO of BlueFire Equipment Anatoli Borissov said, “The provisional patent application provides us with a mechanism to protect our design and at the same time accommodates for improvements to the application during the development process.” He added, “We believe we have a great addition to our portfolio of intellectual property and a solution that could be extremely valuable to the industry.”

BlueFire’s first patent filing related to its polycrystalline diamond cutter (PDC) drill bit technology was issued on January 24, 2012 as U.S. Patent 8,100,201. A second patent disclosing further claims for PDC drill bits and methods is currently under review by the USPTO, file number 12/833,413.
[mappress]
August 27, 2013