American International receives first QFOR from Cycle Energy

American International has received its first Quarterly Field Operations Report, QFOR, relating to its newly acquired, wholly-owned subsidiary Cycle Energy. The QFOR covers, Oil Well Production, Well Re-completion Projects, and Plugging and Reclamation Projects. Oil Well Production:Per the QFOR, Cycle Energy’s oil well production has increased from 15 barrels of oil per day to 25 barrels of oil per day between January 1, 2023, and March 31, 2023, representing a 66% increase. Cycle Energy anticipates that, upon final accounting, its production for March will exceed any month since July 2022. Oil Well Recompletions: Per the QFOR, Cycle Energy is scheduled to refrac one of its most promising assets in 2023 Q3. So far in 2023 Q1, Cycle Energy has completed workovers across four leases. It has also scheduled two wells on its Cornelius lease to be refrac’d early next week. The Cornelius Wells are producing from shallow sand formations at 770′ and have not been re-stimulated since their initial completion. Cycle Energy identified the Cornelius Wells as a primary target due to its initial production under a previous operator. Plugging and Site Reclamation Projects: Per the QFOR, Cycle Energy completed its first plugging and abandonment for 2023 on a well within its Burnett portfolio. The subject well was damaged beyond repair and was mandated to be plugged by the Texas Railroad Commission. Cycle Energy is a supporter of environmental regulations and abandonment procedures and conducted the plugging in February 2023.