Calgary, Alberta--(Newsfile Corp. - September 29, 2020) - Cycle Energy Industries Inc. (OTC Pink: XFLS) announced today it is continuing negotiations on a definitive purchase and sale agreement with Harvest Petroleum Inc. located in Prosper, Texas. The purchase would expand Cycle Energy assets into the Texas oil market. McLaren also gave shareholders an update on the following:
On August 25th, 2020 Cycle announced it has purchased the outstanding shares of Energy Express Canada Corp., the company is pleased to report that since that time Cycle Energy Services has re-commissioned both battery sites as well as the majority of the wells not requiring major work. Cycle Energy services has scheduled the balance of the workovers to begin within the next 2 weeks adding an additional 1000 barrels of oil per month depending on the success of the workover. Cycle Energy will be using in house equipment and implementing Cycle Energy's technology to increase the oil production.
The company continues to work on its audited financials and expect to be competed and filed by the end of September and is on target to complete and file them by then.
Cycle Energy is a fully integrated energy company that products responsible products both traditional and renewable. Our continued focus on carbon footprint reduction and streamlined oil and gas production not only benefit the environment and local communities but also add value to Cycle bottom line.
The company is also working towards its green initiative to produce carbon neutral products as well as integrate solar and other renewable technologies into our daily oil and gas production operations.
Cycle's technologies such as the development of its Gas to Liquid process is moving forward. Prior to developing a full GTL plant, the company has decided to focus on the reactor itself and pursue its applications with Blue hydrogen development as announced on September 25th 2020. The company expects to have a small working scale pilot developed by mid to end of November. The company will implement this pilot on one of Cycle Oil & Gas properties as a production unit and to demonstrate Cycle's industry changing technology.
Cycle also continues to develop its mesh network oilfield intelligence technologies and have several projects that the company is pursuing based on that technology as well.
About Cycle Energy Industries
Cycle Energy Industries is a Canadian corporation based in the province of Alberta, and a unique energy provider that operates three vertically integrated business units in the WCSB (Western Canadian Sedimentary Basin). We have created a vertically integrated company where each subsidiary creates value and adds support to the other.
Cycle Oil and Gas focuses on acquiring & optimizing underdeveloped oil & gas assets and employs in-house developed & licensed technologies to increase production, optimize performance & reduce costs. The company currently produces approximately 10 barrels/day of oil as well as several non-operational properties and GORRS(Gross Overriding Royalties).
Cycle Energy Services supports our Exploration and Production (E&P) team with well services and end of life reclamation which gives the E&P company an unprecedented advantage over its competitors. This business plan excels by providing services that would otherwise be too costly and not financially viable for specific workovers or turn around projects. Cycle Energy Services owns and operates combo wireline-service rigs and Hydrovac Units. The focus of Cycle Energy Services is primarily end of life abandonment and reclamation of non-producing assets. The company excels by supplying fixed cost services via our custom rigs and equipment that results in reduced time onsite, faster rig in and rig out times as well as reduced number of vehicles onsite. Cycle's efficiencies reduce the amount of fuel burned to complete the abandonment and reduces the carbon footprint to abandon wells.
Cycle Energy Technologies provides both R&D capabilities as well as previously developed and licensed technologies that aid in increased production, reduced lifting and operation costs as well as gas and oil field intelligence. Cycle Energy Technologies flag ship technology is our mobile GTL (gas to liquid) system we have been developing and are currently implementing. This technology brings forth increased value to the group through Cycle's internal production of gas. The value is added by turning the gas into chemicals and C5+ hydrocarbons as a 3-4x multiple which is industry groundbreaking.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Cycle Energy Industries Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Cycle Energy Industries Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Cycle Energy Industries Inc.'s filings with the Securities and Exchange Commission.
For further information please contact:
Cycle Energy Industries Inc. Public Relations and Shareholder Information
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