(Total Views: 118)
Posted On: 07/13/2020 8:59:48 AM
Post# of 44746
$XFLX on radar! CALGARY, Canada, June 29, 2020 /PRNewswire/ -- Cycle Energy Industries Inc. (OTC: XFLS) is pleased to report it has entered into a purchase agreement to purchase 60% working interest in Lost Hills Oil Field in Kern county California.
The purchase agreement states Cycle will purchase sixty percent (60%) right and interest in and to the Harvest Petroleum Asset North West Lost Hills Lease and Lerdo Lease in California and all material, Surface, Mineral Rights, Wells, Equipment, Facilities and infrastructure..
The purchase is the first phase of Cycle's expansion plan to acquire assets in the United States. The purchase of the leases includes currently producing cash flowing wells and Cycle Energy Services will implement its production enhancement services and technologies which result in approximately 150-200 BOD (Barrels of oil per day). Another 10-12 PUD's (Proven Undeveloped) drilling locations have been identified and would result in an additional 250 BOD. Harvest Petroleum Inc. is the operator of the field and the remaining 40% partner.
The purchase agreement states Cycle will purchase sixty percent (60%) right and interest in and to the Harvest Petroleum Asset North West Lost Hills Lease and Lerdo Lease in California and all material, Surface, Mineral Rights, Wells, Equipment, Facilities and infrastructure..
The purchase is the first phase of Cycle's expansion plan to acquire assets in the United States. The purchase of the leases includes currently producing cash flowing wells and Cycle Energy Services will implement its production enhancement services and technologies which result in approximately 150-200 BOD (Barrels of oil per day). Another 10-12 PUD's (Proven Undeveloped) drilling locations have been identified and would result in an additional 250 BOD. Harvest Petroleum Inc. is the operator of the field and the remaining 40% partner.
(0)
(0)
