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This is Chris Redgrave for Zions Bank Speaking on Business.
With deep oil drilling, horizontal drilling and frakking now being used to reach existing oil reserves, energy activity in the United States is unprecedented. We're drilling between 40,000 to 50,000 new wells a year, not to mention the Energy Administration reports the industry has approximately a million jobs with that number projected to rise to 3 million.
These are all numbers worth paying attention to, but especially if you happen to be the CEO of Profire Energy in Lehi. This energy company is in the combustion safety controller and management software business, supporting the oil and gas industry. Profire CFO Andrew Limpert says their company has a tri focus on saving people, saving money and saving the environment.
See when the oil is pulled out of the ground, it's wet, dirty and waxy so it must be heated to be purified before it's transported. The danger comes with oveaheating and temperature control. The big pilot lights under the tanks of crude oil will blow out, and it can be a crude and dangerous process to relight them and control temperature.
Profire Energy has created a system that regulates the temperature and will re-light the burner and pilot light, eliminating the dangers to employees and saving money in regulating the temperature. These Profire burner management systems provide reliable management and ignition of combustion burners with real-time feedback. Not to mention they make things safer for employees and the environment. Some states even mandate these "smart boxes" by law.
Profire Energy is headquartered in Lindon but has offices in Texas, Pennsylvania, Oklahoma and internationally in Canada, Australia and Brazil. India and China are next on the list. Profire's potential for continued growth is staggering when you consider the 20,000 wells in Utah plus millions in the U.S. and overseas.
If you'd like to find out more about how to build your company's global presence, you can attend the thirteenth annual Zions Bank Trade and Business Conference on May 21. For more information or to register, visit www.zionsbank.com/conference.
For Zions Bank, I'm Chris Redgrave, speaking on business.
Profire Energy 321 S. 1250 West, Ste. 1 Lindon, UT 84042 801- 796-5127 www.profireenergy.com
