Business
Xfuels Renegotiates Convertible Debenture
Xfuels Renegotiates Convertible Debenture.
About this update from Xfuels Inc.
[{"type":"text","content":"\n Calgary, Alberta, Nov. 22, 2021 (GLOBE NEWSWIRE) -- On October 12th, 2021, Xfuels Inc. (OTC Pink: XFLS) announced that CEO Mike McLaren has elected to convert his convertible promissory note of $1.3 million into 125 million shares of restricted common stock. After further consideration, Mr. McLaren has since elected to rescind that decision and renegotiate the convertible note to a fixed interested bearing secured instrument without a conversion option. This renegotiation of the note will still eliminate $1,468,638 of derivative liability from Xfuels’ balance sheet. McLaren stated, “I am confident this renegotiation of the note will work better for the company at this time.\" Mr. McLaren further stated, “My confidence in Xfuels success is unwavering, and I’m happy to do what is best for the future of our corporation.” ABOUT XFUELS:Xfuels Inc. (OTC Pink: XFLS) is a diversified energy company with operations 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 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. Xfuels flagship intellectual property is its mobile Gas To Liquid system. T...