VERNAL, Utah, Sept. 15, 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 second patent addressing the design, process, benefits and applications of the Drill-N-Ream™ tool to condition a well bore while drilling. U.S. Patent number 8,813,877 titled, "Method and Apparatus for Reaming Well Bore Surfaces Nearer the Center of Drift," was issued on August 26, 2014, and provides the Company with further intellectual property surrounding the design features and uses of the tool. The patent is a continuation of the previously awarded patent number 8,752,649 issued on June 17, 2014.
Troy Meier, Founder and CEO of Superior Drilling Products, noted, "We are building a base of intellectual property which we believe will enable Superior Drilling Products to continue its growth by taking market share through the expansion of our customer base and geographic markets served. This second Drill-N-Ream tool patent provides additional legal protection for our differentiated approach for reaming a well bore. We will continue to apply for patents as we develop new innovative drill string tool designs aimed at providing solutions that improve our customers' profitability."
Superior Drilling Products designs, manufactures and markets the Drill-N-Ream™ to exploration and production companies.
About Superior Drilling Products, Inc.
SDPI is an innovative, cutting-edge drilling tool technology company. The Company manufactures, repairs, sells and rents drilling tools. SDPI is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field services company. In addition, SDPI manufactures and markets drill string tools, including the patented Drill-N-Ream™ well bore conditioning tool, for the oil, natural gas and mining services industries. SDPI operates a state-of-the-art drill tool machining facility manufacturing for its customer's custom products and solutions for the drilling industry. The Company's strategy is to leverage is technological expertise in drill tool technology and innovative, precision machining to broaden its drill tool technology offerings for rent or sale, while establishing an effective sales and logistics infrastructure through which it can provide proprietary tools to exploration and production companies and drill rig operators. It also plans to grow its manufacturing operations by providing its oil field services customers with design, prototype development and manufacturing of their proprietary technologies.
Additional information about the Company can be found at its website: www.sdpi.com.
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