Results of Commercial Field Trial
The Company recently deployed its Particle Impact Drilling ("PID") System
to drill the Travis Peak formation in the Deep Bossier play in
The new PID Injector system was shown to be fundamentally sound in delivering particle volumes regardless of the variable pressures encountered on the well. However, smooth operation and the durability of some components of the surface system fell short of expectations on this first-ever field use of the new injection system. Also, as a result of using gelled water as the drilling fluid rather than conventional drilling mud, there were times when particles accumulated in the wellbore annulus resulting in the inconsistent return of particles to the surface. These events were dealt with, but resulted in a significant percentage of non-productive drilling time.
In order to gain access to additional technical and financial resources to accelerate the development and commercialization of the PID technology, the Company's Board of Directors have determined it will be in the best interest of the Company and its shareholders to evaluate all available strategic alternatives. Accordingly, the Board of Directors has authorized management to pursue such alternatives, and have established a Special Committee of the Board to assist the management team with this process.
Conference Call
The Company will hold a conference call at
If you cannot listen to the live webcast, an archive will be available
shortly after the call for a period of 90 days on the "Investor Relations"
section of the Company's website. A telephonic replay of the conference call
will be available through
About Particle Drilling Technologies, Inc.
Particle Drilling Technologies, Inc. (NASDAQ: PDRT) is a development-stage
oilfield service and technology company commercializing its patented and
patent-pending Particle Impact Drilling system. The company's technology is
designed to enhance the rate-of-penetration function in the drilling process,
particularly in hard-rock environments. It is headquartered in
Safe Harbor Statement
Certain statements in this press release that are not historical but are forward-looking are subject to known and unknown risks and uncertainties, which may cause PDTI's actual results in future periods to be materially different from any future performance that may be suggested in this press release. Such risks and uncertainties may include, but are not limited to, PDTI's need to raise equity capital and its ability to obtain equity financing on acceptable terms, if at all, a severe worldwide slowdown in the energy services sector, working capital constraints and the ability of PDTI to successfully complete any strategic alternative. Further, PDTI is a development stage company that operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond PDTI's control such as announcements by competitors and service providers.
Contacts: J. Chris Boswell, SVP & CFO Particle Drilling Technologies, Inc. 713-223-3031 Jack Lascar / Sheila Stuewe DRG&E / 713-529-6600
SOURCE Particle Drilling Technologies, Inc.