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Cycle Energy Industries Announces Acquisition of Energy Express Canada Corp.
Cycle Energy Industries Announces Acquisition of Energy Express Canada Corp..
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[{"type":"text","content":"\n\n\n\nCycle Energy Industries Announces Acquisition of Energy Express Canada Corp.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCycle Energy Industries Announces Acquisition of Energy Express Canada Corp.\nCompany On Track To Increase Revenues Over $1.6 Mil In 2020\nPR Newswire\nAIRDRIE, Alberta, Aug. 25, 2020\n\n\n\nAIRDRIE, Alberta, Aug. 25, 2020 /PRNewswire/ -- Cycle Energy Industries Inc. (OTC: XFLS) announced today it continues to expand its existing energy production portfolio by acquiring 100 percent of Energy Express Canada Corp., a junior oil and gas company located in central Alberta, Canada. The purchase agreement of Express Canada Corp. is for 100 percent of the company's issued and outstanding shares. \nCurrently, Express Canada Corp. can produce approximately 100-150 barrels of oil per day using traditional recovery methods but Michael McLaren, CEO of Cycle Energy Industries stated production could increase 2-3x current levels by implementing Cycle Energy's innovative recovery and optimization technologies.\n\"The purchase of Energy Express is a strategic acquisition for us since it has immediate upside potential while giving steady low impact production on a monthly basis,\" said McLaren. \"In addition, the fact that Energy Express is based in central Alberta gives it geographic appeal to us as well. We are confident we will be able to significantly increase daily oil production through our proprietary technology maximizing the potential of what we think is an undervalued asset for our shareholders.\" \nMcLaren also said Cycle Energy Industries has identified a number of potential acquisitions in North America to add to its portfolio and is having direct dialogue with a number of them.\nAbout Cycle Energy Industries\nCycle Energy Industries, a Canadian corporation based in the province of Alberta, is a unique energy provider that operates three vertically integrated business units in the WCSB (Western Canadian Sedimentary Basin). We have created a vertically integrated company where each subsidiary creates value and adds suppo...