This past Friday Xfuels Inc (OTCMKTS:XFLS) was in the news after it provided a key operations update. The company reported yesterday that Cycle Oil and Gas had started managing the operations at their site in Wichita County from July 1, 2022 after having purchased the property and lease from Triple S Gas & Ray Loveless Enterprises.
On Friday, XFLS stock ended flat at $0.0058 with more than 133.92K shares, compared to its average volume of 1.38 million shares. The stock moved within a range of $0.0058 – 0.0064 after opening trade at $0.0064.
Xfuels announces Cycle Oil & Gas Inc. Operational update
It was also announced that once Cycle Oil & Gas took up the work on the operations of the property, it had encountered a range of challenges owing to the distressed assets. The production levels across the 17 leases worked out to around 7 bpd and most of the wells were considered shut-in or inactive as per the standards of the TXRCC.
Cycle Oil & Gas had contracted the services of OAG Consulting Inc for the purpose of conducting due diligence prior to starting on the management of the site. OAG had devoted the months of July and August towards working on the range of issues at the different leases.
The latest announcement from Xfuels was an important one and one that could lead to a certain degree of optimism among investors with regards to the situation with the company’s current operations.
XFLS stock is trading below the 20-Day and 50-Day Moving averages of $0.0064 and $0.0067 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0098.