AIRDRIE, AB, Sept. 22, 2020 /PRNewswire/ -- Cycle Energy Services, a wholly owned subsidiary of Cycle Energy Industries Inc. (OTC: XFLS), announced today it has received contracts from the government of Alberta totaling $1.1M under the Alberta government Site Rehabilitation Program (SRP) which is administered by Alberta's Department of Energy. The program provides funding in the form of grant payments to the oil field services sector where Cycle Energy Services is a trusted government supplier for abandon and/or reclaim upstream oil and gas infrastructure.
"These government contracts we received focusing on reclamation and abandonment work on oil and gas sites in Alberta demonstrate the high-end quality resources Cycle Energy Services provides in this sector," said Michael McLaren, CEO of Cycle Energy Industries, Inc. "We have a clear advantage over our competition by providing services that are just too costly and not financially viable for workovers such as this. Our cost effectiveness, quality of work and years of experience have allowed us to be recognized as a trusted government supplier. We are excited to take on these projects and look forward to the possibility of more to come."
The objectives of the Site Rehabilitation Program are to increase employment in this sector while decreasing the environmental liability associated with oil and gas development. Further details of the program can be found at https://www.alberta.ca/site-rehabilitation-program.aspx.
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.
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: Mike McLaren +1-403-879-2998, Email: [email protected], www.cycleind.com, Twitter @cycleindustries
SOURCE Cycle Energy Industries Inc.