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Prospector
Profile
2-22-006
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| Particle Drilling Technologies, Inc. |
NAICS |
333131 |
| 5611 Baird Court
Houston, TX 77041 |
Description |
Drilling Equipment Mfg. |
| (713) 223-3031 |
Employees |
22 |
| http://www.particledrilling.com |
Revenue |
(mil) |
0.0000 |
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Income |
(mil) |
-10.7500 |
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Assets |
(mil) |
7.8300 |
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Liability |
(mil) |
1.3400 |
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(for the year ended 2007-09-30) |
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Category:
Loss/Deficit
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Event:
Particle Drilling Technologies, Inc., posted a net loss of $3,226,536 for the three months ended December 31, 2007, much higher than the $2,838,461 net loss reported for the three months ended December 31, 2006. The Company's balance sheet also showed an accumulated deficit of $33,768,594 from inception (June 9, 2003) through the period ended December 31, 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", Patents in Canada, Australia, and Great Britain that correspond to U.S. Patent No. 6,386,300, U.S. Patent No. 6,581,700, issued June 24, 2003, entitled "Formation cutting method and system" and U.S. Patent No. 7,258,176, issued on April 21, 2007, entitled "Drill Bit." There are presently 41 pending patent applications: 15 in the United States and 26 outside of the United States. One of the United States applications was recently allowed and is in the process of being formally issued by the United States patent office and all others are pending. [SEC Filing 10-K 12-13-07]
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Description:
Particle Drilling Technologies, Inc., a development stage company, engages in the development of a proprietary drilling system for oil and gas industry 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; 31,645,589 common shares outstanding as of January 31, 2008.
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