CYCLE ENERGY SERVICES BUYS THREE NEW HEAVY VEHICLES
CALGARY, ALBERTA / ACCESSWIRE / June 16, 2020 / Cycle Energy Industries Inc. (OTC PINK:XFLS) is pleased to report its wholly owned subsidiary Cycle Energy Services (CES) has purchased 3 new heavy vehicles for its well abandonment fleet.
The purchase now gives Cycle the ability to work on 3 simultaneous sites concurrently without having to share or reschedule equipment.
Mr. Michael McLaren CEO states "The purchase of this equipment allows us to be in 3 places at once increasing our daily ability to produce revenue as well as efficiently abandon well sites in a timely fashion without having to share or reschedule equipment to and from sites." Mr. McLaren also stated " Our business plan with CES has always been to rig onto a well site complete the work and rig out without any further work or equipment needed." "Mr. McLaren further stated "By reducing the amount of equipment and travel time between sites we continue to strive to ease the cost of well abandonment as well as greatly diminish the carbon footprint to complete the work."
The vehicles two HydroVac units and a Picker unit valued at over $300,000 will complement our existing Combo Service Rig units. The HydroVac units will be modified with Cycles Energy Technologies wireless flow testing equipment as well as our high-pressure pump for downhole pressure testing and ultra-high press water jet cutting unit for well head removal.
About Cycle Energy Industries
Cycle Energy Industries a Canadian corporation based in the province of Alberta, is a unique energy provider that operates three vertically integrated business units in the WCSB (Western Canadian Sedimentary Basin). We have created a vertically integrated company where each subsidiary creates value and adds support to the other.
Cycle Oil and Gas focuses on acquiring & optimizing underdeveloped oil & gas assets and to employs in-house developed & licensed technologies to increase production, optimize performance & reduce costs. The company currently produces approximately 100 barrels/day of oil as well as several non-operational properties and GORRS(Gross Overriding Royalties).
Cycle Energy Services supports our Exploration and Production (E&P) team with well services and end of life reclamation which gives the E&P company an unprecedented advantage over its competitors. This business plan excels by providing services that would otherwise be too costly and not financially viable for specific workovers or turn around projects. Cycle Energy Services owns and operates combo wireline-service rigs and Hydrovac Units. The focus of Cycle Energy Services is primarily end of life abandonment and reclamation of non-producing assets. The company excels by supplying fixed cost services via our custom rigs and equipment that results in reduced time onsite, faster rig in and rig out times as well as reduced number of vehicles onsite. Cycle's efficiencies reduce the amount of fuel burned to complete the abandonment and reduces the carbon footprint to abandon wells.
Cycle Energy Technologies provides both with R&D capabilities as well as previously developed and licensed technologies that aid in increased production, reduced lifting and operation costs as well as gas and oil field intelligence. Cycle Energy Technologies flag ship technology is our mobile GTL (gas to liquid) system we have been developing and is currently implementing a pilot plant. This technology adds value added to the group by using internal production of gas and adding value by turning it into valuable chemicals and C5+ hydrocarbons as a 3-4x multiple which is industry groundbreaking.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Cycle Energy Industries Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Cycle Energy Industries Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Cycle Energy Industries Inc.'s filings with the Securities and Exchange Commission.
For further information please contact:
Cycle Energy Industries Inc. . Public Relations and Shareholder Information
Email: mikem@cyclenrgy.com
SOURCE: Cycle Energy Industries Inc.
View source version on accesswire.com:
https://www.accesswire.com/594032/Cycle-Energy-Industries-Increases-its-Fleet-and-Purchases-New-Well-Abandonment-Equipment
