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Xfuels Announces Milestone LOI to Acquire Triple S Gas of Dallas, Texas
Xfuels Announces Milestone LOI to Acquire Triple S Gas of Dallas, Texas.
About this update from Xfuels Inc.
[{"type":"text","content":"\n Breckenridge, Texas, April 27, 2022 (GLOBE NEWSWIRE) -- Today, Xfuels Inc. (OTC Pink: XFLS) announces it has executed a LOI with Triple S gas of Dallas, Texas in an all-cash deal for consisting of 7 leases, 54 wells and 6 oil batteries in Wichita and Wilbarger counties. Cycle will pay $320,000 (Three Hundred and Twenty Thousand) dollars plus a 2.5 % capped ORRI to $250,000 (Two Hundred and Fifty Thousand) dollars. Adjacent to the Triple S leases a neighboring producer has recovered 1.5 Million barrels of oil as well as 1 mmcf of gas in the same formations. Cycle believes that deeper reserves are also available and can be accessed through deepening the existing wellbores without the added cost of drilling a new well. Cycle will research this further with our in-house engineering team, then outsource the verification of these additional reserves with a 3rd party report. Mr. Michael McLaren, CEO states, “This acquisition is our milestone leap into Texas oil and gas production business and our team is eager to get focused on the project and push these leases to their maximum potential.” Mr. McLaren further states, “With our business strategy of Acquire, Restore, Produce and Consolidate these leases fit perfectly into that window where we can apply our world class knowhow and stimulation technologies to maximize the potential of the production.” To date Triple S gas has produced approximately 40,000 barrels from the properties and given the locations and well control in the area Cycle believes that this is only a fraction of the recoverable oil available. ABOUT XFUELS XFuels Inc. (OTC Pink: XFLS) is a diversified 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 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....