Profire Energy Inc. (OTCBB: PFIE), a manufacturer, installer and servicer of oilfield combustion management systems and related burner products, with customers like EnCana Corporation (NYSE: ECA) and Devon Energy Corporation (NYSE: DVN), recently released an updated investor fact sheet showcasing its latest achievements.
In 2009, there were 824,847 oil and gas wells in the United States alone. Factor in the more than 500 Canadian companies that are actively operating and drilling wells and the total number of oil and gas wells in North America easily tops one million presently.
With a concerted effort to increase safety and the well-publicized initiatives to reduce emissions globally, energy companies are turning to Burner Management Systems (BMS) to eliminate injuries, operate more efficiently and cut emission rates. Profire Energy, Inc. (OTCBB: PFIE) is an industry leader in BMS and exercising an increasingly deep penetration into the market. The reason is simple. The ratio of market size to competition gives Profire a large upside. Each of the more than one million wells and their associated vessels in the U.S. and Canada suggests multiple applications for burner management systems. Conservatively speaking, the North American market alone is in excess of $4 billion (roughly 2k per application x 2 BMS per well x 1 million wells) and Profire keeps getting more and more of it.
Profire’s latest quarterly SEC filings show increases in revenue to $4.52 million and net income to $1.18 million, representing gains of more than 100 percent for each as compared to the year prior quarter. A true anomaly in the OTC markets, Profire is debt-free, is on pace to exceed $10 million in revenue in 2011 and is regularly showing strong growth quarter over quarter. Yet, the company remains under the radar of the general investment community despite a tiny $33 million market cap and exponential growth or acquisition possibilities.