BlueFire Equipment Corp (BLFR) Acquires West Texas Dirt Movers, Inc and Reed Exploration, LLC Collectively Valued at $67.4 Million After Executing its Restructure Strategy
SAN ANTONIO, TX / ACCESSWIRE / July 11, 2024 / BlueFire Equipment Corp. (OTC PINK:BLFR) ("BLFR" or the "Company"), a specialist in emerging industry acquisitions, today announces the acquisition of West Texas Dirt Movers, Inc. ("WTDM"), and Reed Exploration, LLC. The transaction was accomplished via an Amended Contribution Agreement between BLFR and Ram Cap, LLC. In addition, BLFR has formed BlueFire Energy, LLC, a Delaware Company which is a wholly owned subsidiary of BLFR. These acquisitions and core expansions are indicative of the Restructure Strategy being implemented by the Company's Board of Directors. BLFR's plan is to strategically acquire oil producing and energy service assets to increase revenues and maximize efficiency in an environmentally conscious manner.
West Texas Dirt Mover, Inc. Merger:
WTDM has a 17-year oilfield construction history in the Permian Basin. In May 2024, WTDM acquired Midland Equipment, LLC, a heavy equipment rental business. The acquisition grew the WTDM fleet to over 40 pieces of heavy equipment. WTDM is led by its President, Alexandra Felix, an Environmental Construction expert with 14 years oil & gas experience in the Permian Basin. Ms. Felix brings an extensive environmental knowledge base as well as a network of relationships with both oil producers and landowners who trust her procedures and are familiar with her proven results. With this acquisition, BLFR also announces the acquisition and hiring of Michael Mazur as Chief Operations Officer (COO). Mr. Mazur's experience in Health, Safety, and Environmental (HSE) has a track record of growth and diversification with Environmental Remediation and Waste Management, as he held the office of Executive Vice President of Operations and HSE for other publicly held companies. In Ms. Felix's own words, "Our team brings a comprehensive knowledge base in environmental remediation and waste management, which will help BlueFire and its subsidiaries produce our nations resources in a safe, efficient, and environmentally responsible manner."
Reed Exploration, LLC. Merger:
Ram Cap, LLC acquired valuable oil producing assets through a lender foreclosure in May 2024. William (Bill) Reed of Reed Exploration in Midland, TX offered an opportunity for consolidation with decades of oil producing experience for many of the nation's largest oil companies. Reed Exploration is now operating over 10,000 acres that, in December 2023, received an Oil & Gas Unproduced Reserve Present Worth Profile Valuation at a 10% Discount of $63,217,820. The appraisal has been prepared to conform with the principles and procedures for the evaluation and valuation of personal property as described in the Uniform Standards of Professional Appraisal Practice (USPAP) and Experienced Appraiser's International (EAI). Reed Exploration has already started increasing production on this asset and is currently evaluating other acquisition targets for increased oil and gas production.
Mr. Reed expressed that, "The strategic acquisition by BlueFire allows Reed Exploration to maximize its current geological and engineering resources to rapidly develop its current production and gain insight into acquisitions that will exponentially impact our growth model."
Platform Expansion:
Ram Cap, LLC's Amended Contribution Agreement included the contribution of two companies valued at approximately $67,400,000 into BLFR in June 2024. Furthermore, BLFR plans to directly acquire additional companies which were under LOI with Ram Cap. By acquiring the companies directly through Ram Cap's fundraising and financing relationships, BLFR is anticipated to increase its total value to approximately $278,000,000 by the end of calendar year 2024. This strategic move signifies substantial growth and expansion for BLFR through both initial contributions and planned acquisitions.
Management Restructure:
Dr. David Rene Ramirez has been appointed as CEO of BLFR, succeeding Nickolas S. Tabraue, and remains as Chairman of the Board.
Nickolas S. Tabraue transitioned from his interim CEO of BLFR to Chief Compliance and Investor Relations Officer and stepped down from being a member of the Board of Directors.
Michael Mazur has been appointed as COO of BLFR.
T. Dan Powers remains as a member of the Board of Directors.
BLFR will continue to expand its executive team and members of the Board of Directors as management continues to acquire operating oil and gas companies and appointing and electing key individuals to specific high management positions to optimize efficiency and growth.
About BlueFire Equipment Corp. (BLFR)
BLFR is a holding company engaged in acquisitions and operations of companies that illustrate potential growth. Presently, BLFR is focused on acquiring emerging prospects in the Oil and Gas industry. BLFR is operating through its 100% owned subsidiaries West Texas Dirt Movers, Inc, an environmental construction company; and Reed Exploration, LLC, a producing oil and gas company. This initiative is supported by funding and structuring facilitated through Ram Cap's contributions and assigned assets.
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 Chief Compliance & Investor Relations Officer Nick.T@BLFR.energy Phone (786) 375-7281
