PARTICLE DRILLING TECHNOLOGIES NEARS COMPLETION OF NEW INJECTOR SYSTEM AND ANNOUNCES YEAR END RESULTS
Operational Highlights
- Final Assembly of the New Injection System Scheduled for Mid-December;
- In-house Test Program of the Injector Scheduled to Commence in Late December and Conclude in Early January;
- Next Field Trial Expected Within 30 days of a Successful In-house Test Program
Houston - December 11, 2007 –
Particle Drilling Technologies, Inc. (NASDAQ: PDRT) ("Company") today announced that it is in the final stages of assembling its new particle injection system. An in-house test program of the new system is scheduled to commence in the latter portion of December 2007. The test program is designed to:
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Evaluate the functionality and reliability of the automated control system;
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Confirm and verify the durability of the injector's pressure barriers, and
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Confirm and verify the reliability of controlled particle injection rates into pressures and volumes that are as or more rigorous than those previously experienced in the field.
Once the test program is concluded and the new injection system is deemed ready for field use, the results will be announced along with a more definitive date for the next commercial field trial. Assuming the injector testing is successful, the Company will be prepared to conduct its next commercial trial in the Travis Peak formation within 30 days thereafter.
Jim B. Terry, the Company's President and CEO stated, "We have been focused and disciplined in our approach to properly develop and test a new injection system. While it has taken more time than originally anticipated, we are confident that our shareholders and commercial prospects will benefit from our current solution, as well as from our focused effort to engineer a low cost and reliable injection system.
"As previously disclosed, the primary reasons for the non-productive drilling time on the most recent field trial were the limitations and inconsistent performance of the hydraulic injection system. Because the new injection system functions as a volumetric feeder, it will not be susceptible to hydraulic limitations nor impacted by fluctuations of standpipe pressures that caused problems during the most recent field trial. Once we have thoroughly evaluated this new system, we will communicate the results and also announce the date of the next field trial."
The Company also announced its financial results for the fourth quarter and for the year ended September 30, 2007. The financial results reflect the Company's status as a development stage company during 2007, generating no revenue. The following is a summary of the quarterly and year end results:
The Company will hold a conference call at 10:00 a.m. Eastern Time on Wednesday, December 12, 2007, to discuss its year end results and to provide an operational update. To participate in the call, dial 303-262-2140 and ask for the Particle Drilling call at least 10 minutes prior to the start time, or access it live over the Internet by logging onto the web at www.particledrilling.com, on the "Investor Relations" section of the Company's website. To listen to the live call on the web, please visit the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.
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 December 19, 2006 and may be accessed by calling 303-590-3000 and using the pass code 11102432.
Particle Drilling Technologies, Inc., headquartered in Houston, Texas, is a development stage oilfield service and technology company owning certain patents and pending patents related to the 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 made during the presentation announced above 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 equity capital, if necessary, and its ability to obtain equity financing on acceptable terms, if at all, a severe worldwide slowdown in the energy services sector and working capital constraints. 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 ext. 2085
Ken Dennard, Managing Partner Jack Lascar, Partner
DRG&E / 713-529-6600
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