Business
BlueFire Equipment Corp (BLFR) Acquires Screaming Eagle Partners, LLC, a Cashflow Positive Family-Owned Oil & Gas Company in Texas
BlueFire Equipment Corp (BLFR) Acquires Screaming Eagle Partners, LLC, a Cashflow Positive Family-Owned Oil & Gas Company in Texas.
About this update from Bluefire Equipment Corp.
[{"type":"text","content":"\n 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 CategoryNet Oil Reserves Bbls1Net Gas Reserves Mcf2Future Net Income $Present Value on FNI3 disc@10% $Proved Producing242,9201,599,50011,060,4707,243,080Proved Non-Producing298,7302,508,85017,306,49010,792,280Probable Undeveloped1,878,0000113,974,19078,521,280Total All Reserves2,419,6504,108,350142,341,15096,556,640 1 Barrels2 Million cubic feet3 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 Inv...