BlueFire Equipment Corp (BLFR) Announces its Third Quarter Fiscal 2023 Financial Results, Highlights and Outlook

“Communication, transparency and reliability are key to establishing lifetime relationships and success.”

Woodlands, TX., Nov. 20, 2023 (GLOBE NEWSWIRE) -- BlueFire Equipment Corp. (OTC: BLFR) (“BLFR” or the “Company”), a specialist in emerging industry acquisitions, today announces its third quarter fiscal 2023 financial results, highlights, and outlook.

Financial Results:

As of September 30, 2023, the Company 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 our 90% purchase of Screaming Eagle Partners, LLC. (“Screaming Eagle”).

Highlights:

• On September 27, 2023 the Company entered into a Business Combination Agreement (the 'Agreement') with Screaming Eagle whereby the Company will deliver 90% (or 45,000,000) of the 50,000,000 authorized shares of Preferred Stock Series A and 90% (or 900,000) of the 1,000,000 authorized shares of Preferred Stock Series B to the members (the 'Members') of Screaming Eagle in return for 100% of the membership interests in Screaming Eagle, which will become a 100%-owned subsidiary of the Company. The foregoing securities were exchanged on September 27, 2023 . Screaming Eagle acquired 100% of the operated assets at Bedias Creek and 50% non-operated Gin Creek South assets from ETX in February 2022 with an effective date of January 1, 2022, for $6,400,000 using family funds to finance the all-cash acquisition. Bedias Creek consists of 19 wells on 10,000 acres producing 1,500 bbls / month of oil and 7,900 MCF / month of gas. Gin Creek consists of 50% non-operated working interest in 45 wells producing 5,300 bbls / month and 14,250 MCF / month in natural gas. Immediately subsequent to the transaction closing, the Board of Directors met to elect a chairman and add new members of the Board, as specified in the agreement.