Cycle Energy Industries Continuing Negotiations on Texas Property; Issues Shareholder Update
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:
Acquisitions
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.
Corporate Developments
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.
Technology
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.
