VERNAL, Utah, June 4, 2014 (GLOBE NEWSWIRE) -- Superior Drilling Products, Inc. (NYSE MKT:SDPI) ("SDPI" or the "Company"), a provider of drilling products for the oil, natural gas and mining services industry, has been awarded a critical patent that addresses the unique characteristics and capabilities of its Drill-N-Ream™ tool. U.S. Patent number 8,752,649 titled, "Method and Apparatus for Reaming Well Bore Surfaces Nearer the Center of Drift," which issues June 17, 2014, features broad claims that cover the engineering design of the Drill-N-Ream™. The tool is structured to rotate in an eccentric manner while sliding smoothly behind the drill bit in a circular form when not turning. The tool is situated on the drill string assembly and, because of its innovative design, more effectively conditions well bore surfaces, removing ledges and reducing torque and drag over traditional reaming tools. As an in-line tool, the Drill-N-Ream™ enables more efficient drilling by eliminating a two-day wiper trip, accelerating production and also improving weight transfer to the bit.
Troy Meier, Founder and CEO of Superior Drilling Products, noted, "This patent is just the first to issue of several applications that have been filed with the U.S. Patent and Trademark Office and other patent offices around the world for the Drill-N-Ream™ and other drilling tools we have under development. With this patent, we can protect our cutting edge technology that has been successfully operated in more than 850 horizontal wells. We are moving forward with our plans to build our sales team to introduce the Drill-N-Ream™ to more potential customers and create more opportunities with our existing customers."
Superior Drilling Products designs and manufactures the Drill-N-Ream™, and markets it through its rental tool business to exploration and production companies.
Mr. Meier concluded, "We believe that the Drill-N-Ream™ has significant opportunity in the horizontal drilling arena. As we advance, our strategy is to continually develop new technologies that solve complex drilling problems and manufacture products for the drill string assembly that increase efficiency and safety while ultimately improving production and reducing costs for our customers."
About SDPI
SDPI is an innovative, cutting-edge manufacturer and remanufacturer of PDC (polycrystalline diamond compact) drill bits and drill string tools for the oil, natural gas and mining services industries. SDPI operates a technologically-advanced PDC drill bit remanufacturing facility, as well as a state-of-the-art drill tool machining facility. SDPI designs, manufactures and markets for rent drill string tools, including the patented Drill-N-Ream™ well bore enhancement tool. SDPI also provides manufacturing, leasing, and refurbishing of drill string tools to oil field services clients.
Additional information about the Company can be found at its website: www.sdpi.com.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this release, regarding our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, are forward-looking statements. The use of words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project", "forecast," "should" or "plan," and similar expressions are intended to identify forward-looking statements, although not all forward -looking statements contain such identifying words. Certain statements in this release may constitute forward-looking statements, including statements regarding the Company's financial position, market success with specialized tools, effectiveness of its sales efforts, success at developing future tools, and the Company's effectiveness at executing its business strategy and plans. These statements reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, our business strategy and prospects for growth; our cash flows and liquidity; our financial strategy, budget, projections and operating results; the amount, nature and timing of capital expenditures; the availability and terms of capital; competition and government regulations; and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the Company's plans and described herein.