BLFR Gained 8,865.52%
In The Past Two Weeks, With
Potential For Much More, Amid
Recent Oil And Gas Reverse Merger.
BlueFire Equipment Corp. (PINK: BLFR) has been one of the fastest gaining penny stocks on the OTC Market in the past two weeks, with a run up from both an open and close at $0.0029 on October 11, 2023, to a close of $0.26 on 10/24/23, for a total gain of 8,865.52% in that brief time. Today alone saw a close up an additional 73%. This powerful growth has absorbed much of the liquidity within the penny stock market, making BLFR the first major reverse merger of the year, that is entirely U.S. based, rather than the usual questionable foreign actors concern that befalls most reverse merge plays that end up not being what they claimed to be.
It should be noted that BLFR is not one of the stocks that was released as a pick to our Platinum Members but there is a new private member pick being released tomorrow morning undergoing a similar reverse merger process to what BLFR has done. Subscribe To A Platinum Membership for special access to that reverse merger pick and many more.
BLFR Recently Attained Pink Sheets Current Status:
A pivotal moment in BLFR's journey came when it regained Pink Sheets Current status on October 19, 2023. Prior to this up-listing, the majority of penny stock traders, especially those that are U.S. based, could not gain access to purchase shares of BLFR, because it was listed on the OTC Markets Expert Market, which many trading platforms do not support. The up-list to Pink Sheets Current made BLFR more widely accessible to traders, which resulted in a huge liquidity increase in its trading activity. Being that most traders could not buy BLFR prior to the up-list, most traders have purchased at $.03 or higher over the course of the past week because on the day of the up-list and return to normal trading on October 19th 2023, BLFR's price ranged from a low of $0.03 to a high of $0.066, and then finally closed that day at $0.052.
BLFR Completed A Reverse Merger Through Its Acquisition Of Screaming Eagle Partners, LLC. The Fact That This Is A U.S. Based Reverse Merger Was A Major Head-Turner:
The acquisition of Screaming Eagle Partners, LLC has played a pivotal role in BLFR's upward huge growth action. As per this recent BLFR press release, Screaming Eagle Partners, LLC is a Texas-based oil and gas company that reportedly holds 90% ownership interest in Screaming Eagle BNR JV, LLC. This joint venture owns existing wells in the Fort Trinidad field, producing 5,950 barrels of oil per month and 17,800 MCF of natural gas per month. It's projected to boost production further in the next six months through drilling and workover programs.
The Primary Factor For BLFR’s Price Growth Lies Reported Wells Assets Near $100 Million:
A Reserve Study of Wells Report revealed that the assets are valued at $96,556,640 in the present, with a future net income estimation of $142,341,150. These numbers combined with this being a U.S. based company reporting them, are the primary reason that there has been so much interest in trading BLFR. As we mention in our explanation of reverse merger penny stocks, we mention that the allure of reverse mergers comes in the fact that the assets of the private company merging in, essentially become the assets of the newly merged entity. Therefore, while people initially invested into the relatively worthless shell stock BLFR, suddenly they are faced with ownership of a much larger asset class.
In this case, even with the huge growth action already seen, BLFR is still sitting at a market cap of around $5 million while the reported asset valuation of the newly merged entity is $96,556,640, which, is true, would mean that the stock is trading wildly undervalue and could potentially see many multiples above current price.
The fact that this is a U.S. based reverse merger makes this stock even more attractive because the vast majority of reverse merger plays that speak of any dollar amount near $100 million or more, are based overseas and when they are a foreign entity merging into a U.S. based stock, they are scams near 100% of the time. Here we have a U.S. based company merging in, therefore there will be greater local scrutiny from regulators, which makes investors feel a greater sense of safety in trading.
The timing of this acquisition is favorable because crude oil prices have risen by more than 30% over the course of the past three months, now trading near $93 per barrel. With BLFR's merger focused on oil and gas, it aligns well with this trend.
In the company's latest financial results, Screaming Eagle showed revenue of $3,942,707 in 2022 and $2,065,219 in the first half of 2023. This company's strong financials and strategic direction made it an attractive acquisition target for BLFR.
Through an all-stock transaction, BLFR acquired Screaming Eagle, and the deal brought Matthew Goldston on board as CFO. Furthermore, Kirk Yariger was appointed as Chairman of the Board, and Jonas Crafts joined as Director of the Board for BLFR. These changes reflect the company's commitment to expanding its oil and gas operations.
Looking ahead, both Screaming Eagle and BLFR have outlined ambitious short-term plans. Screaming Eagle will execute drilling and cleanout programs, aiming to acquire an additional 1,800 barrels per day in the last quarter of 2023. Meanwhile, BLFR will work on uplisting to the Nasdaq, company audits, share cancellations, rebranding, and a new investor-focused website.
As crude oil prices remain high, investors should be keeping a close eye on BLFR for its potential advances within the oil and gas sector and the general fact that it is trading well below book value with respect to the assets that have been merged in. If everything is entirely as the company has reported and they do manage to up-list to NASDAQ, it stands to reason that in such a scenario, this could potentially be one of the rare penny stocks that eventually crosses above $5 to officially no longer be classified as a penny stock, or merely penny stock exempt.
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