This company focuses on acquiring and optimizing underdeveloped oil and gas assets in Western Canada…and is now setting its sites on Texas with a recent purchase.
Diversified & licensed %Energy company %Xfuels () announced that its division Cycle Oil & Gas has closed its purchase of Ray Loveless Enterprises LLC & R.L. Gathering LLC. Per the company’s press release, the all-cash deal consists of 10 leases and106 wells in Texas.
Xfuels employs in-house developed and licensed technologies to increase production, optimize performance and reduce costs. The purchase is adjacent to three of the "Triple S Gas" leases purchased and disclosed in late September. The combined leases fall within a six square mile radius that the company will work to develop a workover program to bring nearly 80 shut-in wells back online through the use of their own rigs & licensed technologies. The firm sees this as a prime opportunity to cut fuel costs & mob times on their service rigs from well to well, while increasing production and lowering lease operating expenses bottom line.
Shares were trading up at $0.0067 in morning trade.