Xfuels announces Cycle Oil & Gas Inc. hires Independent Geologist to begin developing drilling program for 2023
Xfuels Inc. (OTC PINK: XFLS) has announced that its subsidiary, Cycle Oil & Gas Inc., has hired David Felton, an experienced Independent Geologist, to develop a drilling program on the 174-acre Hodges lease in Wichita County, Texas. This lease, acquired in October 2022, sits atop mature reservoirs with a history of production since the 1930s. Cycle Oil & Gas operates eight leases and is working to bring back online over 125 existing wells. The company is optimistic about recent drilling activity by nearby operators, enhancing its strategic outlook.
- Appointment of seasoned Geologist David Felton to enhance drilling strategies.
- Acquisition of the Hodges lease provides full depth rights, potentially increasing production.
- Scheduled workovers for existing wells aim to boost production by year-end.
- Dependence on the success of nearby operators for potential drilling viability.
- Risks associated with developing underexplored leases may impact financial performance.
Electra, Texas, Nov. 18, 2022 (GLOBE NEWSWIRE) -- Xfuels Inc. (OTC PINK: XFLS) is pleased to report that Cycle Oil & Gas Inc. has hired an Independent Geologist, David Felton, to begin developing a drilling program on its 174-acre Hodges lease.
The Hodges lease is located in Wichita County, Texas and sits atop the Mature K.M.A & Ellenberger reservoirs which have been drilled & produced since the 1930s. Through its Purchase of the Hodges lease in October 2022 from “Triple S Gas”, Cycle owns full depth rights through its existing lease. Management has been encouraged by multiple offset wells being drilled by neighboring operators in recent months and thought it necessary to seek additional council to evaluate its properties. In addition, Cycle has already scheduled workovers for the existing shallower wells on the lease and is aiming to have them back online by the end of December.
Mr. Felton is a seasoned Geologist and has been a member of the Association of Petroleum Geologists since 1978. During his career he has spent years as a well site geologist & well log analyst. He brings a wealth of knowledge and experience to Cycle Oil & Gas and will be influential on mapping & determining where Cycle drills their first well in Texas. In addition, Mr. Felton will also begin reviewing existing well logs under Cycles ownership to identify “behind pipe” opportunities on its other existing leases in the surrounding areas.
Cycle Oil & Gas, Texas currently owns & operates eight leases and is in the process of finalizing the transfer of an additional ten leases from its previous purchases. Cycle currently has an extensive catalog of more than 125 shallow vertical wells to workover and bring back online. The existing wells range in depth from 300 to 3800 feet. As of November 1st, Cycle Oil & Gas is averaging 11BPD.
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 costs.
The second business unit 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 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 Cycle Oil & Gas, please visit:
https://www.linkedin.com/company/cycle-oil-gas-inc/
Media Contact:
Michael McLaren
mikem@xxfuels.com
Attachments
- Xfuels announces Cycle Oil & Gas Inc. hires Independent Geologist to begin developing drilling program on its 174-acre Hodges lease
- Xfuels announces Cycle Oil & Gas Inc. hires Independent Geologist to begin developing drilling program on its 174-acre Hodges lease
- Xfuels announces Cycle Oil & Gas Inc. hires Independent Geologist to begin developing drilling program on its 174-acre Hodges lease
FAQ
What recent hiring has Xfuels made regarding its drilling program?
What is the significance of the Hodges lease for Xfuels?
What is the current production status of Cycle Oil & Gas?
