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Xfuels Inc. Subsidiary Cycle Energy Services Purchases Drilling Rig - Xfuels to Begin New Drilling Programs


Xfuels Inc. Subsidiary Cycle Energy Services Purchases Drilling Rig - Xfuels to Begin New Drilling Programs
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The rig, a Failing 3500 Telescopic Double which is capable of drilling both vertical and horizontal wells up to 3200 meters approximately 10,000 Feet will be the centerpiece of Cycle Energy Services fleet. The rig is in tremendous shape, has very low hours and has drilled approximately 50 wells prior to being racked. The rig is also capable of being upgraded to a maximum drill depth of 5000 meters approximately 16,000 feet. ....

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Xfuels Inc. Shareholder Update


(MENAFN - Newsfile Corp) Xfuels Inc. Shareholder Update
Calgary, Alberta (Newsfile Corp. - February 17, 2021) - Xfuels Inc. (OTC PINK: XFLS) is pleased to report the following Share holder update.
2020 In Retrospect
Well, I would guess that it is safe to say 2020 did not go as planed however the year is behind us and although slower than anticipated we continued to grow. We anticipate 2021 being a defining year for the company with steady growth and working to meet our objectives.
Acquisitions
On June 8th, 2020 Xfuels announced it has purchased the outstanding shares of Cycle Energy Industries Ltd. for the sum of 5,000,000 USD. As of February 16th, this deal is still pending, COVID-19 delays have hindered our ability to close however we have a firm deal pending 2 conditions on pricing and the company being current. Both are being addressed and we expect this to be fulfilled as quick as possible. ....

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