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Xfuels Announces Entry into Texas Oil & Gas Market
Xfuels Announces Entry into Texas Oil & Gas Market.
About this update from Xfuels Inc.
[{"type":"text","content":"\n Calgary, Alberta, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Today, Xfuels Inc. (OTC Pink: XFLS), a Calgary-based energy company, announces its entry into the Texas energy market with the formation of a new Texas subsidiary, Cycle Oil and Gas Inc.  The first objective of Xfuels’ new subsidiary will be to acquire Texas-based oil and gas assets. Some of those assets include operations that have serviced some of the largest energy companies in the United States, including Shell Oil, PetroHawk Energy, and Merit Energy, among others.  Xfuels CEO Mike McLaren stated, \"Texas represents a huge opportunity for us. Surprisingly, we have found a large number of underperforming assets in key areas within this state, which we believe can greatly accelerate our expansion plans.\" According to a recent report by the Federal Reserve Bank of Dallas, commercial Crude Oil Inventories within Texas have declined steadily since March of 2021. Current inventory levels seem to indicate that an increase in production within the state, and likely across the nation as a whole, will be necessary as the economy continues to recover post-pandemic.    As most people are well aware, Texas has a long and storied history as a major supplier of oil and gas within the United States. According to a study by Pricewaterhouse Coopers, Texas currently contributes over $411 billion to U.S. gross domestic product and supports over 2.5 million jobs within state lines. Xfuels believes that Texas' prominent position in the oil and gas market will make it a good place to do business in the coming years as environmental regulations remain in flux.   CEO Mike McLaren further stated, \"As an agile company, we always try to be forward-thinking and to take calculated risks. A move into Texas seems to make a lot of sense at this moment in time. With the pandemic hitting many of the smaller operators within this state particularly hard, we are finding acquisition targets that can produce a positive return almost immediately.\" Xfuels expects to continue to evaluate the landscape for distressed opportunities in Texas over the coming months as it aims to expand its presence in the United States.   ABOUT XFUELS XFuels Inc. (OTC Pink: XFLS) is a diversified energy company based in the province of Alberta, Canada. It operates ...