Strategic Moves: BlueFire (BLFR) Sets the Stage for Growth with Share Structure Reduction and Uplisting

BlueFire Equipment Corp. (OTCMKTS:BLFR)

HOUSTON, TEXAS, UNITED STATES, December 19, 2023 /EINPresswire.com/ -- Major Acquisition Completed for Oil and Gas Production Company plus Other Joint Working Agreements; Share Structure Reduction and Uplisting Plans to Enhance Shareholder Value: BlueFire (Stock Symbol: BLFR)


Current Share Structure: 34.1 Million OS / 12.1 Million Float


For more information on $BLFR visit: https://www.otcmarkets.com/stock/BLFR/overview

 Completed Acquisition of Screaming Eagle Energy, LLC., Purchasing Oil and Gas Producing Assets in Texas.


 Entered Joint Operating Agreement and Participation Agreement with Resource Rock Exploration, LLC.


 As of September 30th $783,637 in Revenues, a 3,363% Increase Compared to the Same Quarter in 2022, with $10,193,317 in Total Assets.


 Plans to Cancel 18,000,000 Shares of Common Stock Decrease Current 2,000,000,000 Authorized Share Count to 250,000,000.


 Entered into a Binding Letter Agreement with Resource Rock Exploration, LLC. to Increase Oil Production.


 Plans to Increase Production in Upcoming Months with Multiple Wells.


 Plans for Numerous More Oil and Gas Acquisitions to be Completed.


 Plans to Engage a PCAOB Auditor to Commence Company Audit.


 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 Acquires Screaming Eagle Energy, LLC., Purchasing Oil and Gas Producing Assets in Texas


On December 18th BLFR announced the acquisition of Screaming Eagle Energy, LLC. (“SEE”), that is currently purchasing oil and gas-producing assets in Texas. The acquisition was made during the week BLFR Interim CEO, Nickolas S. Tabraue, and Chairman of the Board, Kirk Yariger, attended an interview on OTC Stock Talk Space.


On December 14, 2023, BLFR acquired 85% of SEE, a Limited Liability Corporation, formed in Texas to acquire oil and gas-producing assets. There was no cash or shares of any class of BLFR stock in the exchange for the 85% of SEE’s membership interest.


Furthermore, on the same day, BLFR-owned SEE entered into a Letter of Intent (“LOI”), to purchase producing oil and gas assets in Texas with production in excess of 1,400 BOE/day, with significant upside drilling potential, and over 25,000 acres currently held in production. SEE anticipates closing the transaction during the first quarter of 2024. The LOI is confidential and subject to the terms of the Confidentiality Agreement dated September 23, 2023.


BLFR Enters Joint Operating Agreement and Participation Agreement with Resource Rock Exploration, LLC.


On December 8th BLFR announced that its 90% wholly owned subsidiary Screaming Eagle Partners, LLC. executed a Joint Operating Agreement and Participation Agreement with Resource Rock Exploration, LLC. The JOA and PA were executed during the same week that BLFR entered into an LOI with Willcox International Holdings, LLC., currently finalizing a Joint Venture Agreement, and uploaded its October 2023 oil production report.

The JOA and PA will position Resource Rock with a 12.5% interest in the Bedias Creek and Gin Creek South assets, leaving Screaming Eagle with 77.5% interest for an initial cash compensation. Furthermore, Resource Rock has committed an additional $1,000,000 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 past success in building successful Exploration and Production companies along with their operational expertise will greatly enhance the ability of BLFR Screaming Eagle to increase production and secure a reserve-based loan from exploration & production banks providing the capital necessary to exponentially grow the company’s daily production through workovers and newly drilled wells.


Letter from BLFR Interim CEO with Status on Many Progressing Items


On December 1st BLFR shared a letter from Interim CEO and Director of the Board, Nickolas S. Tabraue which included the following updates. Anticipated items being finalized are listed below with their status:


Monthly third-party production reports.
BLFR had its 100% operating working interest production report since November 14, 2023, but has been waiting for its non-operating working interest production report from Exponent Energy. 4J Energy, LLC. and Exponent Energy and each month moving forward once received.


Exponent Energy, LLC. became the new operator for the BLFR non-operating working interest at the end of September 2023. This is the first time BLFR has requested the reports from them but anticipates receiving them efficiently moving forward. The change in operators greatly benefits BLFR due to Exponent Energy’s increased focus on the assets and willingness to work with BLFR to significantly increase production with a target of 1,000 bbls/day by Q4 2024. Furthermore, Exponent Energy plans to take steps to decrease lease operating expenses by the end of 2023. These efforts will significantly increase profits for BLFR in future periods since Screaming Eagle BNJ JV, LLC. receives 50% of the revenue, while BLFR receives 90% out of Screaming Eagle Partners, LLC.


Finalizing the Joint Operating Agreement with Resource Rock Exploration.
Documents are being finalized after negotiating out Screaming Eagle BNR JV, LLC.'s current operator to transition to Resource Rock Exploration. Management anticipates uploading and announcing the executed Joint Operating Agreement once completed.


Launching corporate and subsidiary websites.
Currently being developed.


Acquire the remaining 10% of Screaming Eagle Partners, LLC. to own 100%.
Currently being negotiated.

A potential agreement with a mineral company.

The BLFR Chairman is currently in discussion with multiple interested mineral companies to potentially form a partnership where they provide the 20% equity required in conjunction with the 80% intuitional loan to acquire operating assets. This will allow BLFR to purchase additional operating assets, limiting the use of the capital markets. Management will upload and share an LOI as discussions proceed.


Potential acquisition on a 1,650 bbls/day on a 33.6k acre operating asset with numerous drill locations and completions to increase future production.
Currently finalizing LOI leading to the PSA. Management anticipates uploading the LOI and Executive Summary any day.

.
18 million shares of common stock cancellation.
Currently going to the next required step to proceed with the cancelation process. Management anticipates uploading an update very soon.


Commence company name/ticker symbol change.
Currently in process with FINRA.


Engage an audit firm to commence a company audit.
BLFR Management anticipates having an update and potential upload within the middle of December 2023.


Third Quarter Fiscal 2023 Financial Results


On November 20th BLFR announced its third quarter fiscal 2023 financial results, highlights, and outlook.

As of September 30, 2023, BLFR recorded:

$251,451 in Cash, a 9,571% increase compared to the quarter ended September 30, 2023.

$10,193,317 in Total assets, a 228% increase compared to the quarter ended September 30, 2023.

$783,637 in Revenues, a 3,363% increase compared to the quarter ended September 30, 2023.

$623,043 in Net Income, a 2,041% increase compared to the quarter ended September 30, 2023.

$169,366 in Net Cash Provided by Operating Activities, a 989% increase compared to the quarter ended September 30, 2023.


The above increases are attributed to BLFR's 90% purchase of Screaming Eagle Partners, LLC.


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SOURCE: CorporateAds.com

Nickolas S. Tabraue, Interim CEO
BlueFire Equipment Corp.
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