HOUSTON, July 14 /PRNewswire-FirstCall/ -- Particle Drilling Technologies, Inc. (the "Company") announced today that it is currently waiting for the selected rig to move to the target well in order to conduct the next field trial in the Travis Peak formation. The selected rig is behind schedule and has not yet completed drilling on its current well. Jim B. Terry, the Company's President and Chief Executive Officer stated, "At this time we cannot say exactly when the rig will move onto the target well, but we are next in line after the current well is completed. We are eager to mobilize the PID equipment and begin the next field trial but as we have stated in all previous communications we are completely subject to our customers' drilling schedule at this stage of our development, and, therefore, must wait until they are ready for us. We should be able to provide a further update on the status of the commercial trial on our quarterly conference call in early August."
About Particle Drilling Technologies, Inc.
Particle Drilling Technologies, Inc. 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 Houston, Texas. For more information, visit: http://www.particledrilling.com/.
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 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 Jack Lascar / Sheila Stuewe DRG&E / 713-529-6600
