Particle Drilling Technologies Announces Year End Results

As previously disclosed, Particle Drilling Technologies, Inc. (NASDAQ:PDRT) ("Company") has entered into an agreement whereby it will initially receive $350,000 to fund the design, manufacturing and testing of a new 6 1/2"-size PID bit. This agreement is with a major, multi-national and fully integrated energy company and is for an application in one of its drilling areas in the United States where it will be used for drilling intervals above 10,000 feet, which are shallower than the depths drilled during Company's previous field trials. The new smaller size bit is to be designed to address a particular drilling application which could lead to additional cooperation between the two...

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