Calgary, Alberta, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Xfuels, Inc. (OTC Pink: XFLS) has begun to deploy its talent and resources in the state of Texas to assist in plugging and reclaiming hundreds of thousands of abandoned, environmentally hazardous oil wells.
Through its recently-formed U.S. subsidiary, Cycle Energy Services, Inc., the company has chosen to bring its expertise in oil well reclamation to the United States at a strategically calculated moment in time, when changing environmental regulations and pending government subsidy programs have the potential to springboard its growth.
Xfuels CEO Mike McLaren stated, “President Joe Biden’s new infrastructure bill, if enacted, will represent an extraordinary opportunity for companies such as ours, which have the unique combination of knowledge and skills to properly service abandon wells.”
McLaren continued, “We believe that Biden’s [infrastructure] bill may make as much as $15 billion available to subsidize the clean-up of abandoned oil wells and mines in the United States. And, by our calculations, nearly 20% of those mines targeted in Biden’s bill are within the state of Texas.”
Per a recent report by Carbon Tracker, a nonprofit think tank that researches climate change, there are approximately 783,000 unplugged oil wells in Texas. And each one of these wells could cost tens of thousands of dollars to properly retire – making the total market opportunity to service abandon wells in Texas worth more than $15 billion.
“By aggressively pursuing oil well reclamation opportunities in Texas, as we continue to follow through on our other acquisition plans, we expect to build a diverse source of revenue streams that will enable us to grow steadily in the years ahead, regardless of fluctuations in the market price of oil and gas,” McLaren stated.
Xfuels believes that state-level stimulus programs and changing environmental regulations will only further expand its opportunities in the area of oil well reclamation in the United States. Abandoned wells have been found to be major contributors of greenhouse gases, and deadly emitters of a multitude of other toxins.
The Environmental Protection Agency estimates that unplugged oil wells in the U.S. release 280,000 metric tons of methane a year, causing relatively the same level of harm to the climate as 2.1 million cars over the same period of time.
PR Video: https://youtu.be/eftvdZPqmaw
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 twitter.com/XfuelsI
Xfuels trades in the United States Over the Counter Market under the symbol XFLS.
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