Calgary, Alberta, March 22, 2022 (GLOBE NEWSWIRE) -- Today, Xfuels Inc. (OTC Pink: XFLS) has decided to forego the acquisition of Jubilee Exploration, LLC after being unable to verify certain property title records related to both operating and non-operating wells. Jubilee is a middle-market oil and gas producer that currently controls 516 wells across 10 counties in North East Oklahoma and South East Kansas.
”We are thankful for the efforts of our due diligence team and expect that the termination of our LOI with Jubilee, at least for the time being, will be in the best interest of our shareholders,” said CEO Mike McLaren.
On Nov. 29, 2021, Xfuels announced it had entered a letter of intent to purchase 100% of the common stock of Jubilee, The LOI was entered as part of Xfuels’ overall plan to expand into the U.S. market.
Xfuels remains committed to building both its portfolio and its servicing business in the United States over the years to come. With the termination of the Jubilee LOI, Xfuels will now focus on reallocating its resources to the completion of other acquisitions.
In the event that Jubilee is able to resolve the title issues referenced above, Xfuels has agreed to revisit an acquisition of Jubilee under a new LOI.
ABOUT XFUELS
XFuels Inc. (OTC Pink: XFLS) is a diversified energy company based in the province of Alberta, Canada. It 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 cost. Cycle Oil and Gas currently produces approximately 110 barrels of oil per day. It also holds various oil and gas royalty positions and controls several non-operating oil and gas properties.
The second business unit under Xfuels 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 under Xfuels 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.
Each of Xfuels three vertically integrated businesses just mentioned -Cycle Oil and Gas, Cycle Energy Services, and Cycle Energy Technologies- all operate in tandem to help Xfuels capture unique opportunities that often go untapped by the company's competitors.
To learn more about Xfuels, please visit cyclenrgy.com or on Twitter at https://twitter.com/XfuelsI
Xfuels trades in the United States Over the Counter Market under the symbol XFLS.
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.
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