$XFLS Shareholders Update with Cup and Handle Formation on ChartMajor Updates in the newest Shareholder Update PT LT: $3
Oil & Gas
The past few months have been very productive for Xfuels and its subsidiaries, Cycle Energy Services has completed several workovers in the Redwater Field including one well that produced 97 Barrels per day in flush production and lasted for several weeks before settling in at an average of 50 barrels per day. Cycle Oil & Gas continues to enhance the wells acquired from Energy Express Canada Corp to Cycle Energy corporate standards like upgraded containment and replacement of outdated tanks and other field equipment. Having Indigenous leadership in Cycle Oil & Gas the company takes its ESG (Environmental, Social, Governance) obligations very seriously. Cycle Oil & Gas has always focused on environmental and good neighbor stewardship as the keystone in the foundation of our company.
Cycle Energy Services will complete two more workovers and one abandonment before heading into the field to continue on our SRP grants and completing those over the summer months. As of now Cycle Oil & Gas has met and exceeded its yearly Asset Retirement Obligation (ARO) and moving into fall months will have Cycle Energy Services complete the rest of the workovers in our Norris and Foley field for strong production going into the winter months. The company has also implemented a chemical program for wax reduction that will help keep fluid flowing over the winter.
Power Production
On April 22nd, 2021, Xfuels announced it has entered into a purchase agreement for an incinerator plant, support equipment and associated vacant 3.78 acres in Bieseker, Alberta. To date we are working to close the purchase and intend to have the paperwork in order shortly. In the meantime, the Vendor and Xfuels are cooperating to move the project forward regardless of the timing of the closing. Xfuels has begun to move in and occupy the building and offices and the retrofit on the small incinerator has begun. The company is converting the standard burners to our proprietary non-thermal plasma torches and the currently is entertaining quotes on 1MW biogas/syngas generator packages. Contractors have been called in to provided quotes and proposals to retrofit the large incinerator into a gasifier using Cycle’s propriety non-thermal plasma torch and associated proprietary technologies. The plant currently has a switchgear capacity of 6MW which the company will fill that capacity in 1MW stages.
Xfuels has also been negotiating with local providers of Bitcoin units for our stranded gas assets in Cycle Oil and Gas as well as the Bieseker plant. The company intends to have our first unit implemented over the summer months as per our previous schedule.
New Acquisitions
Xfuels has now turned its attention to acquire Oil & Gas properties in the United States. The company is presently looking at several potential acquisitions in both Texas and Oklahoma. The company is working towards completing one or more of potential acquisitions by the fourth quarter 2021 and will schedule Cycle Energy Services workover rigs over the winter months to bring on shut-in production. The work will include workovers, service, up hole opportunities as well as drilling opportunities.
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