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Prospector
Profile
07.1228
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| Particle Drilling Technologies, Inc. |
NAICS |
333131 |
| 11757 Katy Freeway, Suite 1300
Houston, TX 77079 |
Description |
Drilling Equipment Mfg. |
| (713) 223-3031 |
Employees |
18 |
| http://www.particledrilling.com/ |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-10.1890 |
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Assets |
(mil) |
5.4830 |
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Liability |
(mil) |
1.5150 |
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(for the year ended 2006-09-30) |
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Category:
Loss/Deficit
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Event:
Particle Drilling Technologies, Inc. reported a net loss of $2,390,167 for the third quarter ended June 30, 2007, compared to a net loss of $2,830,545 during the same quarter a year ago. For the nine months ended June 30, 2007, the Company reported a net loss of $8,638,427, compared to the net loss of $7,675,435 reported during the same period last year. As a result of its recurring losses, the Company has an accumulated deficit of $28,426,216 as of June 30, 2007.
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Intellectual Property:
The Company was formed for the purpose of acquiring intellectual property and certain assets and assumed certain liabilities underlying the Particle Impact Drilling (PID) technology in January 2004. Pursuant to an acquisition agreement with Curlett Family Limited Partnership, Ltd. (CFLP), the Company acquired the patents related to the PID technology, including U.S. Patent No. 6,386,300, issued May 14, 2002, entitled “Formation cutting method and system” and U.S. Patent No. 6,581,700, issued June 24, 2003, entitled “Formation cutting method and system.” In addition, the Company also acquired other patent applications that are pending and certain proprietary know-how pertaining specifically to the PID technology. [SEC Filing S-1 12-20-06]
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Description:
The Company engages in the development of proprietary drilling system technology in the United States.
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Officers:
Ken R. LeSuer (Chair); Jim B. Terry (Pres., CEO & Dir.); J. Chris Boswell (SVP, CFO & Treas.); Thomas E. Hardisty (SVP & Sec.); Gordon Tibbitts (VP); John D. Schiller, Jr. (Dir.); Michael S. Mathews (Dir.); Hugh A. Menown (Dir.); Steve A. Weyel (Dir.)
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Auditor:
UHY LLP
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Securities:
Common Stock-Symbol PDRT; NasdaqCM;
30,979,901 common shares outstanding as of August 7, 2007.
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