Particle Drilling Technologies Halts Operations

Particle Drilling Technologies will terminate eight employees and initiate an unpaid furlough for its remaining employees. The Company expects to file for bankruptcy early next week absent a suitable alternative.

The Company's Board of Directors has formed an executive committee, comprised of two independent directors and one non-independent director, to explore its strategic alternatives.

Particle Drilling Technologies, Inc., headquartered in Houston, Texas, is a development-stage oilfield service and technology company owning several patents and pending patents related to its Particle Impact Drilling technology. The Company's technology is designed to enhance the rate-of-penetration function in the drilling process, particularly in hard rock drilling environments.
 

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