Investors who may be looking into companies that are involved in emerging industries could consider taking a look into BlueFire Equipment Corp. (OTC:BLFR). The company specializes in making acquisitions in emerging industries, and on October 26, there was a significant new announcement about it. It emerged that the company had entered into a binding letter of agreement with Resource Rock Corporation LLC pertaining to the rise in oil production as part of the six-month plan, which had been mentioned at the time of the third week of this month.
Resource Rock, which is based out of Houston, Texas, is involved in the acquisition and development of oil and gas assets. The company had actually been a portfolio asset of Kayne Anderson and had enjoyed a financial commitment to the tune of $100 million from Kayne Anderson Energy Fund VII and Fund VIII. It had been established in 2017, and the two founders had been able to grow Resource Rock in a short period of time.
The company now includes professionals of considerable skill with varied skill sets to support the development of its assets. As per the latest agreement with BlueFire Equipment, Resource Rock would have a 12.5% interest in the Bedias Creek and Gin Creek South assets. Following that, Screaming Eagle Partners LLC would be left with a 77.5% stake in the same assets. Screaming Eagle is the oil and gas team of BlueFire Equipment.
Resource Rock provided Screaming Eagle with as much as $450000 in cash for the stake and an additional commitment of $1600000 to finance workovers and recompletion on wells that Screaming Eagle owned. If elected to accomplish such work, then the company would need to pay an additional $1650,000. It was further noted that Resource Rock and Screaming Eagle would work on the negotiation of a joint operating agreement for the purpose of operating the assets either on November 3, 2023, or before that.
On October 25, the company provided an introduction to its Screaming Eagle LLC team. BlueFire Equipment holds a 90% interest in Screaming Eagle. One of the key members of the company’s team is Tim Losposer, who has as many as 39 years of experience in marketing, trading, exploration, production, and investment banking. During his tenure at Seaport Global and at KLR Group, he was responsible for the upstream oil and gas investment banking efforts, which also included mergers and acquisitions.
Prior to joining Screaming Eagle, Losposer had previously worked at Texas Oil & Gas Corp., where he had overseen all the land-related functions. Another key member of the team at the company is Casey Kulhanek, who was also a founding member of Screaming Eagle. He had a stake of 25% in Screaming Eagle through Mikul Investments, in which he was a managing partner. Bill Jackson was also introduced as part of the team. He held in excess of 46 years of drilling experience after having graduated with a Bachelor of Science in Mining Engineering from the Colorado School of Mines.
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