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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