Cycle Energy Industries Inc. (OTCPK:XFLS) entered into a letter agreement to acquire Jubilee Exploration, LLC for $0.28 million on November 29, 2021. Xfuels will be acquiring Jubilee as a wholly owned subsidiary in exchange for 8 million shares of its common stock and $0.1 million in cash consideration with conditions, along with a 2.5% gross overriding royalty interest (“GOR”). The GOR will be capped at $1.5 million and will be payable on all petroleum, natural gas liquids and natural gas mineral interests produced by the wells included in the purchase.

Cycle Energy Industries Inc. (OTCPK:XFLS) cancelled the acquisition of Jubilee Exploration, LLC on March 22, 2022. After completion of due diligence, Xfuels is unable to verify certain property title records related to both operating and non-operating wells.