Xfuels Inc (XFLS)

[MU_Redskin1]

Xfuels sells interest in Cycle Oil & Gas Ltd.

Electra, Texas, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Xfuels Inc. (OTC PINK: XFLS) is pleased to report that it has sold its interest in Cycle Oil & Gas Ltd.(Alberta) for the sum of One Million Five hundred thousand ($C1,500,000) dollars. ($1,127,520.00 USD)

The sale comes as part of the company’s plan as it divests its interests in Alberta. Xfuels announced its plans in a press release dated October 26th, 2022, that it would divest from its interest in Cycle Oil & Gas Ltd. (Alberta). The purchaser, another small oil and gas producer in Alberta, will consolidate the assets as they plan to grow through strategic acquisition in the geographical area.

The deal is structured as a vendor finance over one and a half years with a $100,000 dollar deposit and 3 balloon payments every 6 months until June 25th, 2024. Management will work with the purchaser through the transition period to assure a smooth handover. Cycle Energy Services will be contracted, when possible, to help bring on more production through workovers and specialized projects.

About Xfuels Inc.

XFuels Inc. (OTC Pink: XFLS) is a diversified company and operates three vertically integrated businesses.

The keystone of the Xfuels enterprise is Cycle Oil and Gas. This wholly owned subsidiary focuses on acquiring and optimizing underdeveloped oil and gas assets. It employs both internally developed and third party-licensed technologies to increase production, optimize performance and reduce costs.

The second business unit is Cycle Energy Services. This wholly owned subsidiary supports Xfuels’ overall exploration and production efforts with "well services" and "end of life reclamation." Cycle Energy Services owns and operates a combination of customized wireline-service rigs and HydroVac units. This equipment allows for faster "rig in" and "rig out" times. Overall, Cycle Energy Services equipment and experience combination reduces the amount of time and fuel burned to complete an abandonment.

The third and final business unit is Cycle Energy Technologies. This wholly owned subsidiary provides both R&D and existing technology to enable increased production in the field. Xfuels flagship intellectual property is its mobile Gas To Liquid system. This is used to convert natural gas and other gaseous hydrocarbons into longer-chain hydrocarbons, such as gasoline or diesel fuel.

Our team in Texas just sold 600+ barrels of oil for the month of January 2023! With this sale of Canadian assets now the company can finish relocating to Texas and focus on drilling on our new leases!

https://twitter.com/CycleNRG

GLTA XFLS!

Cheers, Red