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Cycle Energy Industries Signs Purchase Agreement for California Oil Asset
Cycle Energy Industries Signs Purchase Agreement for California Oil Asset.
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[{"type":"text","content":"\n\n\n\nCycle Energy Industries Signs Purchase Agreement for California Oil Asset\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 Signs Purchase Agreement for California Oil Asset\nPR Newswire\nCALGARY, Canada, June 29, 2020\n\n\n\nCALGARY, Canada, June 29, 2020 /PRNewswire/ -- Cycle Energy Industries Inc. (OTC: XFLS) is pleased to report it has entered into a purchase agreement to purchase 60% working interest in Lost Hills Oil Field in Kern county California.\nThe purchase agreement states Cycle will purchase sixty percent (60%) right and interest in and to the Harvest Petroleum Asset North West Lost Hills Lease and Lerdo Lease in California and all material, Surface, Mineral Rights, Wells, Equipment, Facilities and infrastructure.. \nThe purchase is the first phase of Cycle's expansion plan to acquire assets in the United States. The purchase of the leases includes currently producing cash flowing wells and Cycle Energy Services will implement its production enhancement services and technologies which result in approximately 150-200 BOD (Barrels of oil per day). Another 10-12 PUD's (Proven Undeveloped) drilling locations have been identified and would result in an additional 250 BOD. Harvest Petroleum Inc. is the operator of the field and the remaining 40% partner.\nThe Lost Hills Field is a mega-oilfield in California, northwest of Bakersfield with thousands of producing oil & gas wells from numerous intervals. Cycle purchased 60% of the field called \"Northwest Lost Hills\" (\"NWLH\"). NWLH was discovered in 1983 and is located in Sections 12 & 13, T25S, R19E, and Sections 7 & 18, T25S, R 20E, in Kern County, CA. \nThe wells in NWLH produce from two formations: The Etchgoin Sand and the Monterey Shale (\"Antelope\" interval). Pay thickness averages about 35 feet in the Etchgoin, and +500 feet in the Monterey. Oil gravity averages +29-30° API. The field is a SE plunging anticline bounded and trapped by cross faults. The NWLH portion is a Horst Fault block. All Antelope wells are naturally over-pressured and...