DIDSBURY, AB -- (Marketwired) -- 05/31/16 -- Xfuels Inc. (OTC PINK: XFLS) is pleased to report on May 29th 2016 the company signed a joint venture agreement with Converde Inc.
The joint venture which holds producing natural gas assets in Southern Alberta currently has 300 producing Natural Gas Wells connected to the pipeline with purchase and significant established operator contracts already in place.
The property has its own compressor station located at the main pipeline resulting in extremely low transport cost.
The JV, named Area 2 Energy, is 51% for Converde who purchased the wells early May with the intent to build a pilot Gas To Liquids (GTL) plant on the site. Xfuels portion is 49% and is contributing its Hydrogen Recovery Technology (HRT) and will also use the site for a pilot project for its combined Carbon/Hydrogen Fuel Cell technology.
The shallow gas play produces an average of 1.1 million cubic feet per day and an established capital plan to increase the volume to over 2.1 million cubic feet per day by September 2016. The site has approximately 80 Bcf (Billon Cubic Feet) of reserve which equates to enormous growth opportunities for decades to come.
Mr. Michael McLaren states, "We are very pleased to bring this asset into Xfuels and utilize the project to showcase our technologies. Having regular cash flow from the traditional gas sales with the upside potential of the GTL and HRT revenues makes a very lucrative combination for the company." He further stated, "We have begun working on the capital plan to increase production in July and are expected to reach stated volumes after various swabbing and bridge plug knockout programs are complete."
Converde and Xfuels have already begun implementing the GTL technology and are sourcing government funds to build and produce a 500 gallon per day plant on the site. Using current gas prices and our own vertically integrated feedstock our GTL technology is producing product at 65% percent lower than the national refining costs.
About Xfuels Inc.
XFuels The Clean Petroleum & Power Company is a publicly held energy company based in Portland, Oregon USA, established to design, build, and operate regionally-integrated, small-to-midcap electricity and petroleum production facilities. XFuels is a leader in carbon-neutral energy solutions, as well as providing water and food technologies specifically designed to improve life on our planet.
The company's (patented and patent-pending) IP delivers one of the highest energy yields (electricity at sub-5 cents per kWh, and diesel fuel profitable at $25 a barrel oil without government subsidies), from a broad range of carbon-bearing inputs (forestry, agricultural, and urban waste including municipal solid waste and plastics), with one of the lowest capital expenditures of any known energy production method. Literally, Garbage-To-Gas.
XFuels offers a range of low cost attractive modular systems via its hydrocarbon bio refinery platform (the XRefinery), which produce low cost electricity and advanced petroleum-equivalent fuels and chemicals in partnership with select small to mid-size industrial energy users (info@xfuels.com) in target markets.
Clean Petroleum chemicals and fuels have the same molecular composition as traditional petroleum, offer premium performance with NEAR-ZERO environmental footprint, and face very few hurdles to full market penetration in today's existing petroleum vehicle fleet and distribution infrastructure.
For more information on Xfuels Inc. please see www.xfuels.com
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 Xfuels 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 Xfuels 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 Xfuels Inc.'s filings with the Securities and Exchange Commission.
For further information please contact:
Xfuels Inc.
Public Relations and Shareholder Information
Email: info@xfuels.com
Phone: 519-800-7556
