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Xfuels, Inc. (OTC PINK: XFLS) has signed a letter of intent to acquire 100% of Jubilee Exploration, LLC, marking the largest acquisition in its history. The deal involves 516 oil and gas wells across Oklahoma and Kansas. Xfuels aims to enhance production from 142 wells to 2,500 MCFD in one year and over 7,500 MCFD in two years, potentially generating annual revenues of $4.5M to $13.5M at a market price of $5/MCF. The acquisition includes $15M worth of equipment and will bolster Xfuels’ balance sheet immediately upon closing.
On October 12, 2021, Xfuels Inc. (OTC Pink: XFLS) announced that CEO Mike McLaren would convert a convertible promissory note of $1.3 million into 125 million shares of restricted common stock. However, he later decided to rescind this conversion and renegotiate the note into a fixed interest-bearing secured instrument without a conversion option. This move will eliminate $1,468,638 of derivative liability from Xfuels’ balance sheet. McLaren expressed confidence in this decision as beneficial for the company's future.
Xfuels, Inc. (OTC Pink: XFLS) has initiated efforts in Texas to address the issue of abandoned oil wells, leveraging opportunities presented by new environmental regulations and government subsidies. CEO Mike McLaren highlighted a potential $15 billion funding from President Biden’s infrastructure bill for cleaning up these hazardous sites, with a significant percentage of affected wells located in Texas. The company aims to diversify its revenue streams while tackling the environmental impact of unplugged wells, which contribute to greenhouse gas emissions.
XFuels, Inc. (OTC Pink: XFLS) announced that CEO Mike McLaren is converting a $1.3 million convertible promissory note into 125 million shares of restricted common stock. This conversion will remove $1,468,638 of derivative liability from the balance sheet, allowing XFuels to allocate more capital for growth instead of debt servicing. Following this transaction, McLaren will own approximately 25% of XFuels' total shares, leaving less than $1.5 million in outstanding promissory notes. XFuels operates in energy through its subsidiaries in oil and gas asset optimization.
On October 5, 2021, Xfuels Inc. (OTC Pink: XFLS) announced the formation of a Texas subsidiary, Cycle Oil and Gas Inc., aimed at acquiring underperforming oil and gas assets in Texas. CEO Mike McLaren highlighted Texas's potential due to declining crude oil inventories, suggesting an opportunity to capitalize on distressed assets post-pandemic. The company, which currently produces about 110 barrels of oil per day, seeks to expand its operations in the U.S. energy market and optimize performance across its vertically integrated businesses.
Xfuels Inc. (OTC PINK: XFLS) has entered into an agreement with Infinity Petroleum Energy Resources Inc. to secure oilseed for biodiesel production. This partnership enables Xfuels to expand its biodiesel offerings while Infinity Energy will market the produced biodiesel. Both companies aim to leverage their mutual interests for growth, with Infinity Energy being 100% Indigenous-owned. They have existing agreements for over five million tonnes of canola supply and one million barrels of biodiesel annually. This collaboration is expected to enhance revenue streams for both parties.
Xfuels Inc. (OTC Pink: XFLS) announced its plan to produce biodiesel (B100) at its Bieseker plant, installing a continuous production system with a capacity of 50 barrels per hour, expandable to 100. The initiative aims to leverage local resources, including oilseed and methanol, reducing fuel costs for its Cycle Energy Services operations. Additionally, a blending unit for B-20 biodiesel will be acquired to enhance the project's sustainability. The company intends to optimize oil extraction through the Szego mill and integrate waste utilization for energy production.
Xfuels Inc. (OTC PINK: XFLS) has announced a corporate update as of July 8, 2021. The company has successfully upgraded its status to Pink Current on OTC Markets and initiated Phase 2 of its corporate plan, targeting OTCQB status by August 2021. Xfuels reports productive activities in oil and gas, including enhanced production capabilities with Cycle Energy Services achieving 97 barrels per day. Additionally, Xfuels is acquiring new oil and gas properties in the U.S., with plans for further expansions, including a biogas generator and restructuring efforts to improve operational efficiency.