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.