After the company made a significant new announcement yesterday with regards to its business, it is quite likely that Xfuels Inc (OTCMKTS:XFLS) is going to come into focus among investors today.
On Monday, XFLS stock gained 4% to $0.0052 with more than 486.17K shares, compared to its average volume of 1.21 million shares. The stock moved within a range of $0.0044 – 0.0052 after opening trade at $0.0044.
Xfuels sells interest in Cycle Oil & Gas Ltd.
The company came into the news cycle yesterday after it announced that it had sold off its interest in the firm Cyber Oil & Gas Ltd for a sum of C$1,500,000. It was a significant new announcement and is part of the company’s larger plan to divest from its interests in Alberta. It was back on October 26 this year that the company had announced that it was going to divest from its interest in Cyber Oil & Gas Ltd (Alberta).
The company’s interest was purchased by another small sized oil and gas producers based out of Alberta. The purchaser in question is interested in consolidating its assets for the purpose of growing strategically in the Alberta area.
The deal has been created in such a way that Xfuels is initially going to be paid $100,000 and from then on it will get three balloon payments every six months. The payments are going to be concluded on June 25, 2024.