Calgary, Alberta, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Xfuels Inc. (OTC PINK: XFLS) is pleased to report that the company has signed an oilseed supply and biodiesel off-take agreement with an Indigenous-owned company Infinity Petroleum Energy Resources Inc.
The company will purchase from Infinity Energy oilseed for its biodiesel production as wells as Infinity Energy will market Xfuels biodiesel product.
Mr. Michael McLaren states, "Infinity Energy had previously negotiated long- term oilseed contracts for its purposes as well as several long-term off-take agreements." He further said, "A contract between the two companies only made sense given the relationship between Infinity and Xfuels." He then stated, "Mr. Charles Iggulden, CEO of Infinity Energy, also acts as and Xfuels President and COO."
Mr. Charles Iggulden states, "Part of the attraction for myself to join the Xfuels team was the possibility of Infinity working closely with Xfuels to help build both companies through mutual interests and goals." He further stated, "Infinity Energy is a 100% Indigenous owned and operated company with a completely separate shareholder base and management team and is looking forward to working closely with Xfuels and their biodiesel project."
About Infinity Petroleum Energy Resources Inc.
Infinity Petroleum Energy Resources Inc. (Infinity Energy) is a privately owned Canadian Aboriginal GREENX2™ Renewable Energy Company. Our Core Values include the co-creation of economic growth and prosperity and a commitment to a vibrant environment and Social License. Our Mission Statement aligns with the Three Pillars of the Alberta economy: Energy, Agriculture and Tourism. We bring significant expertise and experience in engineering, manufacturing, construction, research and development, successfully combining and empowering community engagement through education, employment, and sport with economic growth.
Infinity Energy has agreements in place for over five million tonnes of Canola supply per year. Plus, off-take contracts of biodiesel of 1million barrels per year of biodiesel and Biojet fuel. Further information on Infinity’s products and offerings can be found on its Website: www.infinityenergy.ca
About Xfuels Inc.
Xfuels Inc. is a fully integrated energy company that products responsible products both traditional and renewable. Our continued focus on carbon footprint reduction and cutting-edge technologies not only benefit the environment and local communities, but also add value to Xfuels bottom line.
Cycle Energy Services Cycle Energy Services owns and operates combo wireline-service rigs and Hydrovac Units. The focus of Cycle Energy Services is primarily end of life abandonment and reclamation of non-producing assets. The company excels by supplying fixed cost services via our custom rigs and equipment that results in reduced time onsite, faster rig in and rig out times as well as reduced number of vehicles onsite. Cycle’s efficiencies reduce the amount of fuel burned to complete the abandonment and reduces the carbon footprint to abandon wells.
Cycle Hydrocarbon Technologies provides both R&D capabilities as well as previously developed and licensed technologies that aid in increased production, reduced lifting, and operation costs as well as gas and oil field intelligence. Cycle Energy Technologies immediate focus our small-scale Blue Hydrogen production plants are scheduled to roll out mid to late summer 2021 our flagship technology the mobile GTL (gas to liquid) system will roll out shortly after. This technology brings forth increased value to the group through Cycle’s internal production of gas. The value is added by turning the gas into chemicals and C5+ hydrocarbons as a 3-4x multiple, which is industry groundbreaking.
Cycle Oil and Gas Xfuels owns 40% of Cycle Oil & Gas through its ownership in Cycle Energy Industries Inc. Cycle Oil & Gas focuses on acquiring & optimizing underdeveloped oil & gas assets and employs in-house developed & licensed technologies to increase production, optimize performance & reduce costs. The company currently produces approximately 80 barrels/day of oil as well as several non-operational properties and GORRS (Gross Overriding Royalties).
Safe Harbor
This release contains statements that constitute 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief, or current expectations of Xfuels Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Xfuels Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Xfuels Inc.'s filings with the Securities and Exchange Commission.
For further information, please contact:
Xfuels Inc. Public Relations and Shareholder Information
Email: mikem@xxfuels.com
