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THE WOODLANDS, Texas, Nov. 20, 2023 (GLOBE NEWSWIRE) — Bluefire Equipment Corp. (OTC: BLFR) (“BLFR” or the “Company”), a specialist in emerging industry acquisitions, today announced its third quarter fiscal 2023 Financial Results, Highlights and Outlook.
As of September 30, 2023, the company recorded:
- $251,451 in cash, an increase of 9,571% compared to the quarter ending September 30, 2022.
- $10,193,317 in total assets, an increase of 228% compared to the quarter ending September 30, 2022.
- $783,637 in revenue, an increase of 3,363% compared to the quarter ending September 30, 2022.
- $623,043 in net income, an increase of 2,041% compared to the quarter ending September 30, 2022.
- $169,366 in net cash provided by operating activities, an increase of 989% compared to the quarter ended September 30, 2022.
The above increase is attributed to our purchase of 90% of Screaming Eagle Partners, LLC. (“Screaming Eagle”).
- On September 27, 2023, the Company entered into a business combination agreement (the ‘Agreement’) with Screaming Eagle, under which the Company will acquire 90% (or 45,000,000) and 90% (or 900,000) of the 50,000,000 authorized shares of Preferred Stock Series A. Will distribute. Screaming Eagle’s members (‘Members’) will receive up to 1,000,000 authorized shares of Preferred Stock Series B in exchange for 100% membership interests in Screaming Eagle, which will become a 100% owned subsidiary of the Company. The above securities were exchanged on September 27, 2023. Screaming Eagle acquired 100% of the operated properties at Bedias Creek and 50% of the non-operated Gin Creek South properties from ETX for $6,400,000 in February 2022, with an effective date of January 1, 2022. Using family money to finance an all-cash acquisition. Bedias Creek consists of 19 wells on 10,000 acres producing 1,500 bbl/month of oil and 7,900 MCF/month of gas. Gin Creek consists of a 50% non-operated working interest in 45 wells producing 5,300 bbl/month and 14,250 Mcf/month of natural gas. Immediately following the transaction closing, the Board of Directors will meet to elect a Chairman and add new members to the Board, as specified in the Agreement.
- At the end of September 2023, Burke Royalties, the company-operated non-operating working interest of Screaming Eagle BNR JV, LLC, was sold to Exponent Energy, LLC.
- On October 26, 2023, the Company acquired Eventus Advisory Group, LLC (“Eventus”), a management consulting firm specializing in finance, accounting, SEC compliance and strategic CFO advisory support services, to assist in applying for uplisting on the NASDAQ. Partnered with.
- On October 25, 2023, the Company’s wholly owned subsidiary, Screaming Eagle Partners, LLC, entered into a binding letter of agreement (the “Binding Agreement)” with Resource Rock Exploration, LLC. (“Resource Rock”) which will create a partnership that will potentially increase production and margins from the Bedias Creek and Ginn Creek South properties.
Screaming Eagle will receive initial cash compensation for the 12.5% interest acquired by Resource Rock, with a commitment of an additional $1,000,000 to Screaming Eagle for workover and re-completion at the Gin Creek and Bedias Creek wells, or at the option of Screaming Eagle receiving an additional $1,650,000. Development will continue. CAPEX will potentially increase production and profits from the existing asset over the next six months.
The binding agreement of the Joint Operating Agreement (“JOA”), which was to be mutually agreed upon on or before November 3, 2023, has been extended pending a legal review by the Company and Resource Rock. Screaming Eagle will receive cash compensation of 12.5% interest upon executing the JOA.
- On November 2, 2023, the Company submitted documents to the transfer agent to cancel 18 million shares of its common stock that have not yet been canceled.
- On November 7, 2023, the company reduced its authorized shares of common stock from 2 billion shares to 250 million shares and its series of preferred shares increased from 50 million shares to 99 million shares.
- The company plans to share its third-party monthly production reports each month as they receive them. The report will be uploaded on the OTC Markets Disclosure tab of the Company under Supplementary Disclosures.
- We plan to acquire the remaining 10% stake of Screaming Eagle so that the company becomes a 100% owner of the subsidiary. The company plans to change its corporate name and ticker change to better reflect its new direction, subject to these changes being approved by FINRA.
- We are reviewing PCAOB auditing firms to retain a PCAOB auditor and initiate audits for the past 2 fiscal years.
The Chairman of the Board of BLFR says, “We are very pleased with the initial results of the merger. BLFR is exploring a number of options to potentially enhance the enterprise value of the Company while protecting the share structure integrity,
About thisBluefire Equipment Corporation (BLFR)
BLFR, following its first acquisition in the oil and gas industry, Screaming Eagle Partners, LLC. Operating in the state of Texas, the focus is on increasing its acquisitions within the energy sector.
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 about the company’s expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive position, growth opportunities, plans and management’s objectives for future operations or listing on an exchange Description – including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “could,” “could,” “should,” “ “Will” and other similar expressions – are forward-looking statements that 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. can do. The Company undertakes no obligation (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. There is no assurance that the Company will complete additional acquisitions or be successful in being approved for a NASDAQ listing. Any information contained in this press release should in no way be considered an indication of the future performance of the Company’s revenues, financial position or stock price.
Nicholas S. Tabrau
Interim CEO, Chief Compliance and Investor Relations Officer, and Board Directors
Phone (786) 375-7281