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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, 2022.
- $10,193,317 in Total assets, a 228% increase compared to the quarter ended September 30, 2022.
- $783,637 in Revenues, a 3,363% increase compared to the quarter ended September 30, 2022.
- $623,043 in Net Income, a 2,041% increase compared to the quarter ended September 30, 2022.
- $169,366 in Net Cash Provided by Operating Activities, a 989% increase compared to the quarter ended September 30, 2022.
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 ...
BLFR) Announces its Third Quarter Fiscal 2023 Financial Results, Highlights and Outlook>Full story available on Benzinga.com