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$XFLS Receives $1.1m in Government Contracts

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resx18 Member Level  Tuesday, 09/22/20 08:53:05 AM
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$XFLS Receives $1.1m in Government Contracts

AIRDRIE, AB , Sept. 22, 2020 /PRNewswire/ -- Cycle Energy Services, a wholly owned subsidiary of Cycle Energy Industries Inc. (OTC: XFLS), announced today it has received contracts from the government of Alberta totaling $1.1M under the Alberta government Site Rehabilitation Program (SRP) which is administered by Alberta's Department of Energy. The program provides funding in the form of grant payments to the oil field services sector where Cycle Energy Services is a trusted government supplier for abandon and/or reclaim upstream oil and gas infrastructure.

"These government contracts we received focusing on reclamation and abandonment work on oil and gas sites in Alberta demonstrate the high-end quality resources Cycle Energy Services provides in this sector," said Michael McLaren , CEO of Cycle Energy Industries, Inc. "We have a clear advantage over our competition by providing services that are just too costly and not financially viable for workovers such as this. Our cost effectiveness, quality of work and years of experience have allowed us to be recognized as a trusted government supplier. We are excited to take on these projects and look forward to the possibility of more to come."

The objectives of the Site Rehabilitation Program are to increase employment in this sector while decreasing the environmental liability associated with oil and gas development. Further details of the program can be found at https://www.alberta.ca/site-rehabilitation-program.aspx .

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”

Warren Buffett
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