$BLFR News: BlueFire Equipment Corp (BLFR) Acquires Screaming Eagle Partners, LLC, a Cashflow Positive Family-Owned Oil & Gas Company in Texas
Woodlands, TX., Oct. 19, 2023 (GLOBE NEWSWIRE) -- BlueFire Equipment Corp. (OTC: BLFR) ("BLFR" or the "Company"), a specialist in emerging industry acquisitions, announces the 90% acquisition of Screaming Eagle Partners, LLC ("Screaming Eagle"), a cashflow positive family-owned oil and gas company in the state of Texas.
Who is Screaming Eagle:
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. that holds the remaining 10% interest. The 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. The JV 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 Barrels
2 Million cubic feet
3 Future net income
Reserve Study of 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. All numbers are unaudited. 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.
The Transaction:
Through an all-stock transaction, the owners merged Screaming Eagle into BLFR in return for the issuance of 45,000,000 shares of Preferred Stock Series A and 810,000 shares of Preferred Stock Series B shares. Current CFO of Screaming Eagle, Matthew Goldston., has been appointed as Chief Financial Officer (CFO) and Nickolas S. Tabraue will retain his position as a Director of the Board, Interim Chief Executive Officer (CEO), Chief Compliance Officer (CCO), and Chief Investor Relations Officer (CIR). Furthermore, the appointment of Kirk Yariger as Chairman of the Board and Jonas Crafts as Directors of the Board of BLFR.
New Direction:
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's Short-Term Plan
Engage a firm to plan and assist on working towards uplisting to the Nasdaq.
Engage a PCAOB auditor to commence 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.
AboutBlueFire Equipment Corp. (BLFR)
BLFR is specialized in emerging industries acquisitions with an emphasis in 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 more information visit: https://www.buffaloxxii.com
SAFE HARBOR ACT: Forward-looking statements are included within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations or listing on an exchange -- including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions -- are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond the Company's control and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. No information in this press release should be construed in any manner whatsoever as an indication of the future performance of the Company's revenues, financial condition or stock price.
Company Contact:
Nickolas S. Tabraue
Interim CEO, Chief Compliance and Investor Relations Officer, and Director of the Board
info@BLFR.info
Phone (786) 375-7281
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