Xfuels sells interest in Cycle Oil & Gas Ltd.
Electra, Texas, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Xfuels Inc. (OTC PINK: XFLS) is pleased to report that it has sold its interest in Cycle Oil & Gas Ltd.(Alberta) for the sum of One Million Five hundred thousand ($C1,500,000) dollars.
The sale comes as part of the company’s plan as it divests its interests in Alberta. Xfuels announced its plans in a press release dated October 26th, 2022, that it would divest from its interest in Cycle Oil & Gas Ltd. (Alberta). The purchaser, another small oil and gas producer in Alberta, will consolidate the assets as they plan to grow through strategic acquisition in the geographical area.
The deal is structured as a vendor finance over one and a half years with a $100,000 dollar deposit and 3 balloon payments every 6 months until June 25th, 2024. Management will work with the purchaser through the transition period to assure a smooth handover. Cycle Energy Services will be contracted, when possible, to help bring on more production through workovers and specialized projects.
About Xfuels Inc.
XFuels Inc. (OTC Pink: XFLS) is a diversified company and operates three vertically integrated businesses.
The keystone of the Xfuels enterprise is Cycle Oil and Gas. This wholly owned subsidiary focuses on acquiring and optimizing underdeveloped oil and gas assets. It employs both internally developed and third party-licensed technologies to increase production, optimize performance and reduce costs.
The second business unit is Cycle Energy Services. This wholly owned subsidiary supports Xfuels’ overall exploration and production efforts with “well services” and “end of life reclamation.” Cycle Energy Services owns and operates a combination of customized wireline-service rigs and HydroVac units. This equipment allows for faster “rig in” and “rig out” times. Overall, Cycle Energy Services equipment and experience combination reduces the amount of time and fuel burned to complete an abandonment.
The third and final business unit is Cycle Energy Technologies. This wholly owned subsidiary provides both R&D and existing technology to enable increased production in the field. Xfuels flagship intellectual property is its mobile Gas To Liquid system. This is used to convert natural gas and other gaseous hydrocarbons into longer-chain hydrocarbons, such as gasoline or diesel fuel.
Safe Harbor Statement
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. All statements other than statements of historical facts included in this news release regarding our strategies, prospects, financial condition, operations, costs, plans, and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other oil and gas companies; the effects of changes in the energy and financial markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our prior filings with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
To learn more about Cycle Oil & Gas, please visit: www.cyclenrgy.com