Business
Xfuels Announces Elimination of $1,468,638 in Derivative Liability
Xfuels Announces Elimination of $1,468,638 in Derivative Liability.
About this update from Xfuels Inc.
[{"type":"text","content":"\n Calgary, Alberta, Oct. 12, 2021 (GLOBE NEWSWIRE) -- XFuels, Inc. (OTC Pink: XFLS) CEO Mike McLaren has elected to convert his convertible promissory note of $1.3 million into 125 million shares of restricted common stock. This conversion will eliminate $1,468,638 of derivative liability from Xfuels’ balance sheet and enable the company to reinvest a greater percentage of its capital into future growth, as opposed to meeting ongoing debt service obligations. McLaren stated, “I am fully committed to the long-term success of Xfuels. This transaction further solidifies my belief in our team, our technology, and our prospects for growth in the years ahead.\" Upon McLaren’s conversion, Xfuels will have less than $1.5 million is outstanding promissory notes remaining and McLaren will own approximately 25% of Xfuels’ total issued and outstanding common shares.  ABOUT XFUELS: XFuels Inc. (OTC Pink: XFLS) is a diversified energy company based in the province of Alberta, Canada. 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 cost. Cycle Oil and Gas currently produces approximately 110 barrels of oil per day. It also holds various oil and gas royalty positions and controls several non-operating oil and gas properties. The second business unit under Xfuels 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 under Xfuels is Cycle Energy Technologies.  This wholly-owned subsidiary provides both R&D and existing technology to enable increased production in the field. Xfuel...