BlueFire Equipment Corp (BLFR) Acquires West Texas Dirt Movers, Inc and Reed Exploration, LLC for a Combined Value of $67.4 Million Following Execution of Restructuring Strategy

07/11/2024 – 01:15 PM

SAN ANTONIO, TX / ACCESSWIRE / July 11, 2024 / BlueFire Equipment Corp. (OTC PINK:BLFR) (“BLFR” or the “Company”), a specialist in acquisitions in the emerging industry, today announces the acquisition of West Texas Dirt Movers, Inc. (“WTDM”) and Reed Exploration, LLC. The transaction was completed via an amended Contribution Agreement between BLFR and Ram Cap, LLC. In addition, BLFR has formed BlueFire Energy, LLC, a Delaware corporation, which is a wholly owned subsidiary of BLFR. These acquisitions and major expansions are indicative of the implementation of the Company’s Board of Directors’ Restructuring Strategy. BLFR’s plan is to strategically acquire oil production and energy services assets to increase revenues and maximize efficiencies in an environmentally responsible manner.

West Texas Dirt Mover Connection, Inc.:

WTDM has a 17-year history of oilfield construction in the Permian Basin. In May 2024, WTDM acquired Midland Equipment, LLC, a heavy equipment rental company. The acquisition increased WTDM’s fleet to over 40 pieces of heavy equipment. WTDM is led by its President, Alexandra Felix, an environmental construction expert with 14 years of experience in the Permian Basin oil and gas industry. Ms. Felix brings an extensive environmental knowledge base, as well as a network of relationships with both oil producers and landowners who trust her processes and are familiar with her proven results. With this acquisition, BLFR also announces the acquisition and hiring of Michael Mazur as Chief Operating Officer (COO). Mr. Mazur’s background in Health, Safety and Environmental (HSE) has a proven track record of growth and diversification into environmental remediation and waste management, having served as Executive Vice President of Operations and HSE at other public companies. As Ms. Felix herself said, “Our team brings a comprehensive knowledge base of environmental remediation and waste management that will help BlueFire and its subsidiaries produce our country’s resources in a safe, efficient and environmentally sound manner.”

Reed Exploration, LLC. Merger:

Ram Cap, LLC acquired valuable oil production assets through a mortgage foreclosure in May 2024. William (Bill) Reed of Reed Exploration in Midland, Texas, offered the opportunity to consolidate with decades of oil production experience for many of the nation’s largest oil companies. Reed Exploration currently operates over 10,000 acres that have been assessed at a present value profile of the oil and gas reserves in December 2023 at 10% Discount on $63,217,820The valuation was prepared in accordance with the principles and procedures for valuation and appraisal of personal property as described in the Uniform Standards of Professional Appraisal Practice (USPAP) and Experienced Appraiser’s International (EAI). Reed Exploration has already begun to increase production from this resource and is currently evaluating other acquisition targets for increased oil and gas production.

Mr. Reed stated that “the strategic acquisition by BlueFire allows Reed Exploration to maximize its current geological and engineering resources to rapidly expand current production and gain insight into acquisitions that will have an exponential impact on our growth model.”

Platform Extension:

The amended Ram Cap, LLC contribution agreement included contributions from the two companies valued at approximately $67,400,000 to BLFR in June 2024. In addition, BLFR plans to directly acquire additional businesses that were subject to a letter of intent with Ram Cap. By acquiring businesses directly through Ram Cap’s fundraising and financing relationship, BLFR is expected to increase its total value to approximately 278,000,000 dollarsby the end of calendar year 2024. This strategic move represents significant growth and expansion for BLFR through both initial capital injections and planned acquisitions.

Management restructuring:

Dr. David Rene Ramirez has been appointed Chief Executive Officer of BLFR, succeeding Nickolas S. Tabraue, and remains Chairman of the Board.

Nickolas S. Tabraue has resigned from his position as Interim Chief Executive Officer of BLFR to become Chief Compliance and Investor Relations Officer and from his membership in the Board of Directors.

Michael Mazur has been named chief operating officer of BLFR.

T. Dan Powers remains a member of the board of directors.

BLFR will continue to expand its management team and board membership as management continues to acquire operating oil and gas companies and appoint and select key individuals to specific management positions to optimize performance and growth.

About BlueFire Equipment Corp. (BLFR)

BLFR is a holding company focused on acquisitions and operations of companies that demonstrate potential growth. BLFR is currently focused on acquiring emerging prospects in the oil and gas industry. BLFR operates through its 100% own subsidiaries West Texas Dirt Movers, Inc, an environmental construction company; and Reed Exploration, LLC, an oil and gas production company. The initiative is supported by financing and structuring facilitated by Ram Cap contributions and assigned assets.

To learn more, visit: https://blfr.info

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 condition, results of operations, cash flows, financial plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations or listing – 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 could cause actual results, performance or achievements to be materially different from anticipated results, performance or achievements. The Company has no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. There is no assurance that the Company will make additional acquisitions or that it will be approved for listing on NASDAQ. No information in this press release should be construed in any way as an indication of the Company’s future earnings results, financial condition or stock price.

Company contact:
Nickolas S. Tabraue
Director of Compliance and Investor Relations
[email protected]
Phone (786) 375-7281

SOURCE: Equipment manufacturer Bluefire Equipment Corp.

View original press release on accesswire.com

Frequently asked questions

What companies has BlueFire Equipment Corp (BLFR) acquired?

BlueFire Equipment Corp (BLFR) acquired West Texas Dirt Movers, Inc and Reed Exploration,

What is the total valuation of BLFR acquisitions in July 2024?

The total valuation of acquisitions made by BLFR is USD 67.4 million.

Who is the new CEO of BlueFire Equipment Corp (BLFR) starting July 2024?

Effective July 2024, the new CEO of BlueFire Equipment Corp (BLFR) will be Dr. David Rene Ramirez.

What is the projected value of BLFR by the end of 2024?

The estimated value of BLFR by the end of 2024 is approximately USD 278,000,000.

What is the significance of Reed Exploration’s oil reserves to BLFR?

Reed Exploration’s crude oil reserves, estimated at $63,217,820, significantly increase BLFR’s asset portfolio and production capacity.

Who are the key directors appointed as part of the recent BLFR restructuring?

As part of BLFR’s recent restructuring, Dr. David Rene Ramirez has been named CEO and Michael Mazur has been named COO.

How did the acquisition of West Texas Dirt Movers impact BLFR?

The acquisition of West Texas Dirt Movers expanded BLFR’s fleet of equipment and strengthened its position in the oilfield construction industry.