BlueFire Equipment Corp (BLFR) Enters into a Joint Operating Agreement and Participation Agreement with Resource Rock Exploration, LLC.

Rhea-AI Summary

BlueFire Equipment Corp. (OTC: BLFR) announces the execution of a Joint Operating Agreement and Participation Agreement with Resource Rock Exploration, LLC. The agreements position Resource Rock with a 12.5% interest in certain assets, leaving Screaming Eagle with 77.5% interest. Resource Rock will also commit $1,000,000 to fund workovers and recompletions on wells owned by Screaming Eagle, with the potential for an additional $1,650,000. The partnership aims to increase production and secure a reserve-based loan, enhancing the company's enterprise value through organic production growth and strategic acquisitions.

Woodlands, TX., Dec. 08, 2023 (GLOBE NEWSWIRE) -- BlueFire Equipment Corp. (OTC: BLFR) (“BLFR” or the “Company”), a specialist in emerging industry acquisitions, today announces that its 90% wholly owned subsidiary Screaming Eagle Partners, LLC. (“Screaming Eagle”), executed a Joint Operating Agreement (the “JOA”) and Participation Agreement (the “PA”) with Resource Rock Exploration, LLC. (“Resource Rock”). The JOA and PA were executed during the same week that the Company entered into an LOI with Willcox International Holdings, LLC., currently finalizing a Joint Venture Agreement, and uploaded its October 2023’s oil production report.

The JOA and PA will position Resource Rock with a 12.5% interest of 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 recompletions on wells owned by 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 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.

Kirk Yariger, the Chairman of the Board comments, “we are honored to have finally executed the partnership with Resource Rock and eager to begin developing the Bedias Creek and Gin Creek South assets. Resource Rock’s expertise gives us additional capacity to increase the Company’s Enterprise value through organic production growth on our currently held asset while executing strategic acquisitions at fair evaluations.”

About Resource Rock Exploration, LLC.

Resource Rock was a Kayne Anderson portfolio company with a financial commitment from Kayne Anderson Energy Fund VII and Fund VIII for $100 million. Resource Rock, based in Houston, TX, is focused on acquiring and developing oil and gas properties. Since 2017 Charles Wampler, Stewart Delcambre, and Mitchell Graff have grown the company over a short time to include highly skilled professionals with a broad skillset to support in developing oil and gas assets.

To learn more, please visit: https://www.resourcerockexploration.com

About BlueFire Equipment Corp. (BLFR)

BLFR, after its first acquisitions in the oil and gas industry, Screaming Eagle Partners, LLC. operating in the state of Texas, is focused on increasing its acquisitions within the energy sector.

SAFE HARBOR ACT: Forward-looking statements are included within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company’s expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations or listing on an exchange — including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions — are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond the Company’s control and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. There are no assurances that the Company will complete additional acquisitions or will be successful in being approved for a NASDAQ listing. No information in this press release should be construed in any manner whatsoever as an indication of the future performance of the Company’s revenues, financial condition or stock price.

Company Contact:
Nickolas S. Tabraue
Interim CEO, Chief Compliance and Investor Relations Officer, and Director of the Board
info@BLFR.info
Phone (786) 375-7281

FAQ

What agreements were executed by BlueFire Equipment Corp. (BLFR) and Resource Rock Exploration, LLC.?

The company executed a Joint Operating Agreement and Participation Agreement with Resource Rock Exploration, LLC.

What percentage interest does Resource Rock have in the assets?

Resource Rock holds a 12.5% interest in the Bedias Creek and Gin Creek South assets, leaving Screaming Eagle with a 77.5% interest.

How much has Resource Rock committed to fund workovers and recompletions?

Resource Rock has committed $1,000,000, with the potential for an additional $1,650,000.

What is the aim of the partnership with Resource Rock?

The partnership aims to increase production and secure a reserve-based loan, enhancing the company's enterprise value through organic production growth and strategic acquisitions.