BlueFire Equipment Profile
BlueFire Equipment Corporation focuses on developing proprietary technologies for use in the oil and gas production industry. The company has developed and tested its proprietary Polycrystalline Diamond Cutter (PDC) drill bit and completed approximately 20 drilling runs for customers in Oklahoma and West Texas.
Products
The company’s product offerings would initially include various different sizes of PDC drill bits, with a focus on bits that range from 4-1/8 inches to 12-3/4 inches in diameter. The company intends to develop a wholesale oilfield equipment business that offers multiple lines of products to both contract drilling companies and oil and gas companies. The company sells and leases PDC drill bits to drilling contractors and oil and gas companies. The company has an inventory of PDC drill bits that are 7-7/8 and 8-3/4 inches in diameter. As of February 20, 2013, the company entered into an agreement with Groupo Sierra Alta, S.A.S. (GSA), a Colombian company to create a Colombian corporation (BFCC) to market its products in Columbia.
Target Market
The initial market area targeted is the southwest United States. The focus of its target market would be in Texas, Oklahoma and Louisiana.
Business Strategy
The company’s strategy is to continue to operate and grow its drill bit sale, service, and leasing segments and developing additional product lines of equipment to be used in oil and gas exploration and production. It anticipates developing additional business segments to vertically integrate the supply chain to include the manufacture and sales and of other oilfield equipment.
Intellectual Property
The company has two active patent filings relating to its proprietary PDC dill bit technology. One of the patents has been issued and the remaining patent is under review by the United States Patent and Trademark Office.
History
BlueFire Equipment Corporation was founded in 2008. The company was incorporated in the state of Delaware in 2008.
