– Focus on Emerging Industries with an Active Acquisition Program Underway.
– Entered into a Binding Letter Agreement with Resource Rock Exploration, LLC. to Increase Oil Production.
– Completed 90% Acquisition of Screaming Eagle Partners, LLC, a Cashflow Positive Family-Owned Oil and Gas Company in Texas.
– As of July 30, 2023, Screaming Eagle Generated Revenues of $2,065,219, Net Operating Income (EBITDA) of $441,021, and Total Assets of $7,257,352.
– Plans to Increase Production During the Next Six Months with Multiple Wells.
– Plans for Numerous More Oil and Gas Acquisitions to be Completed.
– Intention to Engage a Firm to Plan and Assist on Uplisting to the Nasdaq.
– Plans to Engage a PCAOB Auditor to Commence Company Audit.
– Intention to Cancel 18 Million Shares of BLFR Outstanding Common Stock.
– Plans to Change Company Name and Stock Symbol Suited for New Direction.
BlueFire Equipment Corp (OTC: BLFR) specializes in emerging industry acquisitions with an emphasis on the business in the industrial space. BLFR is currently focused on its recent acquisition, Screaming Eagle Partners, LLC., its first of many to acquire oil and gas company operating in the state of Texas.
For Investors, BLFR currently has a very attractive share structure with only 33.9 million shares outstanding and a low float of 12.1 million shares. This makes BLFR a very lean stock that has shown it can move up significantly and rapidly as the company reports positive news on its progress and asset gains. BLFR management even has intentions to reduce the share structure by 18 million shares as part of its current business plan.
The BLFR share structure can be followed and reviewed on the OTC Markets site here: https://www.otcmarkets.com/stock/BLFR/security
BLFR Enters into Binding Letter Agreement with Resource Rock Exploration, LLC. to Increase Oil Production
On October 26th BLFR announced its entry into a binding Letter Agreement with Resource Rock Exploration, LLC. to increase oil production as part of the six-month plan mentioned during the third week of October 2023.
Resource Rock was a Kayne Anderson portfolio company with a financial commitment from Kayne Anderson Energy Fund VII and Fund VIII for $100 million, respectively. Resource Rock, based in Houston, TX, is focused on acquiring and developing oil and gas properties. Founded in 2017 by Charles Wampler and Stewart Delcambre, the founders have grown the company over a short time to include highly skilled professionals with a broad skillset to support in development of oil and gas assets.
The Binding Letter Agreement:
Resource Rock will hold a 12.5% interest in the Bedias Creek and Gin Creek South assets, leaving BLFR-owned Screaming Eagle Partners, LLC. with 77.5%. BLFR/Screaming Eagle received $450,000 in cash compensation for the 12.5% interest obtained by Resource Rock with an additional $1,000,000 commitment to fund workovers and completions on wells owned by BLFR/Screaming Eagle with an additional $1,650,000 if elected to do so.
Resource Rock’s trail of success and operational expertise will greatly enhance the ability of BLFR/Screaming Eagle to secure reserve-based loans from exploration & production banks, obtain additional investment capital needed to increase production, and close key acquisitions necessary for BLFR/Screaming Eagle to strategically achieve its vision of no less than 10,000 bbls/day of sustained production by year-end 2024.
Furthermore, BLFR/Screaming Eagle and Resource shall negotiate a Joint Operating Agreement for the operation of assets on or before November 3, 2023.
BLFR has announced its highly experienced leadership team for Screaming Eagle BNR JV, LLC. The full announcement with extensive biographies of each team member may be reviewed in the October 25th BLFR press release here: https://www.otcmarkets.com/stock/BLFR/news/BlueFire-Equipment-Corp-BLFR-Shares-its-Highly-Experienced-in-Oil–Gas-Team?id=418840
BLFR Acquires Screaming Eagle Partners, LLC, a Cashflow Positive Family-Owned Oil and gas Company in Texas
On October 19th BLFR announced the 90% acquisition of Screaming Eagle Partners, LLC, a cashflow-positive family-owned oil and gas company in the state of Texas.
Screaming Eagle holds a 90% ownership interest in Screaming Eagle BNR JV, LLC. (the “JV”) formed in the year 2022 along with Buffalo XXII Operating, LLC. which holds the remaining 10% interest. The BLFR JV owns existing wells purchased from prior operators in the Fort Trinidad field with stacked pay zones near Madisonville TX which produces 5,950 barrels of oil/month and 17,800 MCF/month in natural gas. BLFR will increase production during the next six months by executing a three-well horizontal sidetrack drilling program and an eleven-well workover program on existing wells.
July 1, 2023, Reserve Study of Assets:
|
Reserve Category |
Net Oil Reserves Bbls1 |
Net Gas Reserves Mcf2 |
Future Net Income $ |
Present Value on FNI3 disc@10% $ |
|
Proved Producing |
242,920 |
1,599,500 |
11,060,470 |
7,243,080 |
|
Proved Non-Producing |
298,730 |
2,508,850 |
17,306,490 |
10,792,280 |
|
Probable Undeveloped |
1,878,000 |
0 |
113,974,190 |
78,521,280 |
|
Total All Reserves |
2,419,650 |
4,108,350 |
142,341,150 |
96,556,640 |
1 Barrels2 Million cubic feet3 Future net income
Reserve Study of BLFR Assets Report
Latest YE & Q Financial Results:
During the year ended December 31, 2022, Screaming Eagle generated revenues of $3,942,707 net of royalties and taxes with a net operating income (EBITDA) of $922,495, and total assets of $8,318,039. During the period ended July 30, 2023, Screaming Eagle generated revenues of $2,065,219, net operating income (EBITDA) of $441,021, and total assets of $7,257,352. All numbers are unaudited.
Screaming Eagle’s Short-Term Plan
Beginning during Q4 2023 Screaming Eagle will execute a three-well horizontal side track drilling program on the Bedias Creek asset and an eleven-well clean-out program on the Gin Creek Asset with 50% operating partner Exponent.
Screaming Eagle has over 200 drill sites identified on this property.
Screaming Eagle has over 5 stacked pay zones on this property.
Current wells were drilled on 700 acres spacing with only 40 acres being depleted in each well.
The plan is to drill horizontal slim hole sidetracks in existing vertical well bores on wells with flat decline curves in producing zones.
Expected Initial production of the first 6 wells is 800-1,200 bbls/day.
Screaming Eagle expects to acquire an additional 1,800 bbls/day in Q4 2023 through the acquisition of another blue chip-producing asset in Texas with shale and Austin chalk-producing formations.
BLFR Short-Term Plan
Engage a firm to plan and assist in working towards uplifting the Nasdaq.
Engage a PCAOB auditor to commence the company audit.
Cancel 18 million shares of the Company’s Outstanding Common Stock.
Change the Company’s name and stock symbol suited for its new direction.
Create an investor informative website for the Company.
Engage a branding and marketing firm for the Company’s new direction upon the completion of the stock symbol and name change.
BLFR Compliance Filings
On October 11the BLFR uploaded onto OTC Markets its Quarterly Reports for the period ended March 31, 2023, and June 30, 2023, along with the Change of Controls Event (Merger Transition). These filings allowed BLFR to reach compliance with all OTC market reporting requirements at the present time. The filings may be viewed at: https://www.otcmarkets.com/stock/BLFR/disclosure.
New Media Driven Website being designed. For more information on $BLFR Temporarily visit: https://www.otcmarkets.com/stock/BLFR/profile
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Media Contact
Company Name: BlueFire Equipment Corp.
Contact Person: Nickolas S. Tabraue, Interim CEO
Email: Send Email
Phone: (786) 375-7281
Address:1113 Vine Street Suite 125
City: Houston
State: Texas 77002
Country: United States
Website: https://www.buffaloxxii.com/