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.
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- Cycle Energy Industries Inc. entered into a letter agreement to acquire Jubilee Exploration, LLC for $0.28 million.