Electra, Texas, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Xfuels Inc. (OTC PINK: XFLS) is pleased to report the following shareholder update.
Corporate Developments
At the end of Q3 Cycle Oil & Gas Inc. (Texas) was successful in closing two significant transactions Triple S Gas and Ray Loveless Enterprises adding them to Cycle’s group of operational assets. Cycle Oil & Gas Ltd. (Alberta) was also successful with its Canadian assets bringing on new production through workovers. Mr. Michael McLaren states “The company had our service rig in our field for the better part of August and September and was successful in bringing on new production as well as retiring 2 unproductive wells thus reducing our liabilities and maintaining our commitment on asset retirement management.” He further stated, “We have been marketing the asset to a smaller focused group of potential buyers however with the current upswing in production and our asset retirement obligations met for the year the company will now branch out to a larger target audience.”
Cycle Oil & Gas Inc. (Texas) has successfully transferred 10 of the 18 leases acquired from Triple S Gas & Ray Loveless Enterprises. The Form P-4s were recorded with the Texas Railroad Commission this month. The company will now focus its attention towards increasing daily production via a series of low-cost workovers on low hanging fruit throughout the field. The current producing leases have averaged approximately 10BPD since August 1st. The company expects to place its remaining financial assurance with the TXRCC and complete the transfer of the remaining 8 leases in November under Cycle Energy Services Inc. (Texas)
Financial Management
Xfuels continues to collaborate with the auditors and its financial support team to get our filings current and now are up to date with our unaudited financial statements and have returned to Pink current on the OTC markets. The system in place is working well and the acquired companies and assets are now integrated properly into daily operations. Our next step in this process is to complete the audit and file our registration statement to return to a fully reporting issuer. Management expects this process to be finished mid-November.
Acquisitions
The company continues to review potential acquisitions, however our focus now is the newly acquired properties in Texas and a plan is in place to workover and renew inactive wells and implement a drilling program after obtaining reserve reports and examining the acquired seismic data.
Technology
Several investors have inquired about our technologies and their state of development, Mr. Michael McLaren states “We are continuing to develop our technologies for market through our own internal resources and although our focus has been to push the oil and gas production higher, we have in no way put these technologies on the back burner.” Mr. McLaren further stated, “The hydrogen technology and GTL systems are our future, and we continue to develop them as part of our business plan.” “We have always had the strategy of developing a strong cashflow through traditional energy production and grow the technology internally without having to stress the company or its shareholders with large scale debt or dilution.” Mr. McLaren stated further “Since Xfuels has decided to market the Canadian properties the deployment of these technologies will now be focused on the newly acquired assets in Texas.”
About Xfuels Inc.
XFuels Inc. (OTC Pink: XFLS) is a diversified & licensed energy company based in the state of Texas. 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.
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.
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 Xfuels, please visit cyclenrgy.com
Media Contact:
Michael McLaren
Attachments
- Xfuels Inc. focuses on acquiring and optimizing underdeveloped oil and gas assets
- Xfuels Inc. focuses on acquiring and optimizing underdeveloped oil and gas assets
