BlueFire Equipment Corp (BLFR)

[goingUPagain]

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