“Communication, transparency and reliability are key to establishing lifetime relationships and success.”
Woodlands, TX.,
Financial Results:
As of
$251,451 in Cash, a 9,571% increase compared to the quarter endedSeptember 30, 2023 .$10,193,317 in Total assets, a 228% increase compared to the quarter endedSeptember 30, 2023 .$783,637 in Revenues, a 3,363% increase compared to the quarter endedSeptember 30, 2023 .$623,043 in Net Income, a 2,041% increase compared to the quarter endedSeptember 30, 2023 .$169,366 in Net Cash Provided by Operating Activities, a 989% increase compared to the quarter endedSeptember 30, 2023 .
The above increases are attributed to our 90% purchase of
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 onSeptember 27, 2023 . Screaming Eagle acquired 100% of the operated assets atBedias Creek and 50% non-operated Gin Creek South assets from ETX inFebruary 2022 with an effective date ofJanuary 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. - Within the end of
September 2023 , Screaming Eagle BNR JV, LLC’s non-operating working interest operated byBurk Royalty, Co. was sold toExponent Energy, LLC .
Outlook:
- On
October 26, 2023 , the Company engaged with EventusAdvisory Group, LLC (“Eventus”), a management consulting firm specializing in finance, accounting,SEC compliance and strategic CFO advisory support services to assist in applying for an uplisting to NASDAQ. - On
October 25, 2023 , the Company’s wholly owned subsidiary,Screaming Eagle Partners, LLC , entered into a binding Letter Agreement (the “Binding Agreement) withResource Rock Exploration, LLC . (“Resource Rock”) which will create a partnership that will potentially increase production and margins from theBedias Creek and Gin Creek South assets.
Screaming Eagle will receive an initial cash compensation for the 12.5% interest obtained by Resource Rock with an additional
The Binding Agreement’s Joint Operating Agreement (“JOA”) that was to be mutually agreed upon on or before
- On
November 2, 2023 , the Company submitted documents to the Transfer Agent to cancel 18 million shares of its Common Stock, which cancellation has not yet occurred. - On
November 7, 2023 , the Company, had its Authorized Shares of Common Stock reduced from 2 billion shares to 250 million shares and its Series Preferred Shares increased from 50 million shares to 99 million shares. - The Company plans on sharing its third-party monthly production reports each month once received. The reports will be uploaded onto the Company’s OTC Markets’ Disclosure tab under Supplemental Disclosure.
- Our plan to acquire the remaining 10% of Screaming Eagle for the Company to own 100% of the subsidiary. The Company plans to change its corporate name and ticker change to better reflect its new direction which changes must be approved by
FINRA . - We are reviewing PCAOB auditing firms to retain a PCAOB auditor and commence audits for the past 2 fiscal years.
BLFR’s Chairman of the Board states, “We are very pleased with the early results of the merger. BLFR is exploring several options to potentially increase the enterprise value of the company while guarding share structure integrity.”
About
BLFR, after its first acquisitions in the oil and gas industry,
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:
Interim CEO, Chief Compliance and Investor Relations Officer, and Director of the Board
info@BLFR.info
Phone (786) 375-7281
Source:
2023 GlobeNewswire, Inc., source