Established Petroleum Energy Company with Vertically Integrated Business Units.
Acquisition of Harvest Petroleum with Founder Joining New Team.
Purchase of High Value California Oilfield Assets.
Expansion of Operating Fleet and Major Equipment.
Cycle Energy Industries (OTC: XFLS) is a Canadian corporation based in the province of Alberta and a unique energy provider that operates three vertically integrated business units.
Cycle Oil and Gas focuses on the XFLS plan for acquiring & optimizing underdeveloped oil & gas assets and employs in-house developed & licensed technologies to increase production, optimize performance & reduce costs.
Cycle Energy Services supports the XFLS Exploration and Production team with well services and end of life reclamation which gives the company an unprecedented advantage over its competitors. This business plan excels by providing services that would otherwise be too costly and not financially viable for specific workovers or turn around projects.
Cycle Energy Technologies provides both R&D capabilities as well as previously developed and licensed technologies for XFLS that aid in increased production, reduced lifting and operation costs as well as gas and oil field intelligence.
Acquisition of Harvest Petroleum with its Founder Joining the XFLS Team
On July 14th, 2020 XFLS announced a signed agreement to purchase all of the issued and outstanding shares of Harvest Petroleum Inc. for an aggregate value of $US1,000,000 with a combination of cash, common stock, and preferred shares. As part of the transaction, Mr. Robert Harvey of Harvest will join the board of directors of XFLS.
Harvest Petroleum has been a registered Operator in California, Texas, and Louisiana for oil and gas field operations since 1996 and with actual drilling operations for more than 8 years and has actively participated in over 200 wells of oil and gas field development. Harvest Petroleum can act as a contract operator for other owners.
The purchase of Harvest Petroleum is a strong strategic acquisition for XFLS as the company aggressively moves forward into the US market gaining a trusted partner as well as a new officer. Mr. Robert Harvey Brings Extensive Experience to XFLS Team with over 20 years of experience in the upstream oil and gas industry. He is the Founder of Harvest Petroleum, Inc., in Texas and 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.
Purchase Agreement for High Value California Oil Asset
On June 29th, 2020 XFLS reported it has entered into an agreement to purchase a working interest in Lost Hills Oil Field in Kern County California. The agreement states XFLS will purchase sixty percent (60%) right and interest in and to the Harvest Petroleum Asset North West Lost Hills Lease and Lerdo Lease in California and all material, Surface, Mineral Rights, Wells, Equipment, Facilities, and infrastructure.
The purchase of the leases includes currently producing cash flowing wells and XFLS will implement its production enhancement services and technologies which result in approximately 150-200 BOD (Barrels of oil per day). Another 10-12 PUD’s (Proven Undeveloped) drilling locations have been identified and would result in an additional 250 BOD. Harvest Petroleum Inc. is the operator of the field and the remaining 40% partner.
The Lost Hills Field is a mega-oilfield in California, northwest of Bakersfield with thousands of producing oil & gas wells from numerous intervals. XFLS purchased 60% of the field called “Northwest Lost Hills” which was originally discovered in 1983.
Increases to Fleet and Purchases of New Well Abandonment Equipment
On June 16th, 2020 XFLS announced the purchase of 3 new heavy vehicles for its well abandonment fleet. The purchase now gives XFLS the ability to work on 3 simultaneous sites concurrently without having to share or reschedule equipment.
The XFLS business plan has always been to rig onto a well site complete the work and rigs out without any further work or equipment needed. By reducing the amount of equipment and travel time between sites XFLS continues to strive to ease the cost of well abandonment as well as greatly diminish the carbon footprint to complete the work. The vehicles two HydroVac units and a Picker unit valued at over $300,000 will complement the XFLS existing Combo Service Rig units.
For more information on XFLS visit: http://www.cycleind.com
Company Name: Cycle Energy Industries Inc
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Address:203-304 Main Street Ste 417 Airdrie, ALB T4B3C3 Canada