Published:
Particle Drilling Technologies Field Trial Update
HOUSTON, Aug. 19 /PRNewswire-FirstCall/ -- Particle Drilling Technologies,
Inc. (Nasdaq: PDRT) (the "Company") today announced that it has moved its
equipment and is in the process of rigging up on the drilling location for its
next field trial operation. The field trial will be conducted with the
Company's existing customer at a location in the Deep Bossier trend ofEast
Texas. As before, the target interval for applying Particle Impact Drilling
will be the Travis Peak formation which overlays the Deep Bossier.
The Company is unable to predict the duration of the trial or provide a
defined time-frame for disclosing results from the trial. Further, the Company
does not expect to release any information regarding the results of the field
trial until after the Company and its customer have fully evaluated the
operation.
Particle Drilling Technologies, Inc., headquartered inHouston, Texas, is
a development-stage oilfield service and technology company owning several
patents and pending patents related to its Particle Impact Drilling
technology. The Company's technology is designed to enhance the
rate-of-penetration function in the drilling process, particularly in hard
rock drilling environments.
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 ability to raise capital, if necessary, and its ability to obtain
financing on acceptable terms, if at all, a worldwide downturn in the energy
services sector, working capital constraints and other risks described in
PDTI's filings with the SEC. 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.
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