Energy Company Announces Purchase of Property and Oil Leases in Texas

This company focuses on acquiring and optimizing underdeveloped oil and gas assets in Western Canada…and is now setting its sites on Texas with a recent purchase.

Diversified & licensed %Energy company %Xfuels ($XFLS) announced that its division Cycle Oil & Gas has closed its purchase of Ray Loveless Enterprises LLC & R.L. Gathering LLC. Per the company’s press release, the all-cash deal consists of 10 leases and106 wells in Texas.

Xfuels employs in-house developed and licensed technologies to increase production, optimize performance and reduce costs. The purchase is adjacent to three of the “Triple S Gas” leases purchased and disclosed in late September. The combined leases fall within a six square mile radius that the company will work to develop a workover program to bring nearly 80 shut-in wells back online through the use of their own rigs & licensed technologies. The firm sees this as a prime opportunity to cut fuel costs & mob times on their service rigs from well to well, while increasing production and lowering lease operating expenses bottom line.

Shares were trading up at $0.0067 in morning trade.

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