XFuels sells interest in Cycle Oil & Gas for C$1.5M

Xfuels reports that it has sold its interest in Cycle Oil & Gas for the sum of$C1,500,000. 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. 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 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.