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$XFLS Major Acquisition: Cycle Energy Purchases Harvest Petroleum

News Link:
https://www.iqstockmarket.com/2020/07/14/cycle-energy-purchases-harvest-petroleum/?utm_source=Google_News&utm_medium=feed&utm_campaign=Benzinga

July 14, 2020 - Cycle Energy Industries (OTC: XFLS) signs purchase agreement for 100% of the issued and outstanding shares of Harvest Petroleum Inc. The purchase agreement states Cycle will purchase all of the issued and outstanding shares of Harvest Petroleum Inc. for an aggregate value of $US1,000,000.00 with a combination of cash, common stock and preferred shares.

As part of the transaction Mr. Robert Harvey will join the board of directors of Cycle Energy Industries Inc.

Cycle Energy's CEO Mr. Michael McLaren states, "The purchase of Harvest Petroleum is a strategic acquisition for Cycle as we aggressively move forward into the US market having a trusted partner as well as an officer of our company." Mr. Michael McLaren further stated: "Cycle Energy is excited for Harvest to be part of our group. This purchase will instill greater drive and motivation into Cycle's expanding assets in the oil and gas, oil and gas services, and field proven Cycle Energy technologies."

Mr. Robert Harvey Brings Extensive Experience to Cycle Energy's Team

Bob Harvey has over 20 years' experience in the upstream oil and gas industry. He is the Founder of Harvest Petroleum, Inc., in Texas (1998 - present), Louisiana (1998 - 2007), and California (2016 - present). Bob has been active in all stages of drilling, completions, infrastructure build-out, production, operations, plugging; and field remediation. In a nutshell, if you're looking for a veteran operator in both the US and Canadian oil and gas scene, Bob Harvey is your man.

Bob began his expansive career in the oil and gas industry in 1989. Bob started in business development for American Cascade Energy of Houston. By 1990 he formed American Discovery Energy, Inc (ADE) to purchase non-operated interests in Texas, Kansas and Northern California. Bob's generational oil and gas success provides confidence to Cycle's expanding performance and acquisitions.

Bob has been involved with assets in the Gulf Coast of Texas, South Texas, South Louisiana, Northern Louisiana, Oklahoma, and California. He, along with other industry partners, made a major gas discovery in the Sacramento Basin of Northern California, completed in 1993, known as the Bloomfield #1-11, close to Brentwood California; which was awarded the "Well of the Year": by the American Drilling Engineers Association. Congratulations Bob!