Calgary, Alberta--(Newsfile Corp. - May 12, 2021) - Â Xfuels Inc. (OTC Pink: XFLS) is pleased to report that its wholly owned subsidiary Cycle Energy Services Inc. has purchased a drilling rig.
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The rig, a Failing 3500 Telescopic Double which is capable of drilling both vertical and horizontal wells up to 3200 meters approximately 10,000 Feet will be the centerpiece of Cycle Energy Services fleet. The rig is in tremendous shape, has very low hours and has drilled approximately 50 wells prior to being racked. The rig is also capable of being upgraded to a maximum drill depth of 5000 meters approximately 16,000 feet.
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Mr. Michael McLaren states "We are now capable of full exploration and development of our own mineral assets." He further stated, "We have been planning this acquisition for a quite a while and had carefully considered all aspects involved in owning a drilling rig and doing our own drilling and completions." Mr. McLaren further stated, "Cycle will now alter its business plan and move towards exploration, development, drilling and production rather than only focusing on the revitalizing of legacy assets." Mr. McLaren further stated, "I believe this shift in our vision will greatly improve our ability to manage the issues that come with legacy oil and gas assets and will help offset the liabilities with fresh production."
Cycle Oil and Gas Ltd. has already identified several Proven Undeveloped locations in its land inventory, which the company will begin its drilling program. The rig will need to be inspected and certified over the next few months and Cycle is targeting late summer early fall to begin the first of its drilling locations.
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 flag ship 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
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