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Xfuels announces Cycle Oil & Gas Inc. hires Independent Geologist to begin developing drilling program for 2023
Xfuels announces Cycle Oil & Gas Inc. hires Independent Geologist to begin developing drilling program for 2023.
About this update from Xfuels Inc.
[{"type":"text","content":"\n 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 perform...