- Completed Acquisition of Cycle Energy Corp and Progressing with Integration.
- Maintaining Average Production of Approximately 500 Barrels Per Month.
- 120 Wells Available on Current Leases that Can Be Brought Into Production.
- Employs Both Internally Developed and Third Party-Licensed Technologies to Increase Production, Optimize Performance and Reduce Costs.
- Exploration and Production Efforts Include "Well Services" and "End of Life Reclamation."
- Gas to Liquid System Used to Convert Natural Gas and Other Gaseous Hydrocarbons into Longer-Chain Hydrocarbons Such as Gasoline or Diesel Fuel.
- Approximately 66% Oil Production Increase Over First Three Months of 2023.
American International Holdings Corp. (OTCQB:AMIH) is an investor, developer and asset manager diversified across multiple sectors, with a focus on the energy supply chain. As of the date of this release, the AMIH portfolio includes Cycle Energy Corp., a diversified energy company based in the state of Texas that currently owns and operates three vertically integrated businesses – Cycle Oil and Gas, Cycle Energy Services and Cycle Energy Technologies.
June Shareholder Update
On June 29th AMIH provided a shareholder update on ongoing corporate operations which included the following information:
Integration Of Cycle Energy Corp.
On March 27th, 2023, AMIH announced that it had completed the acquisition of Cycle Energy Corp. a diversified energy company based in the state of Texas and currently operates three vertically integrated businesses. To date the AMIH team has been working tirelessly to integrate operations and financial information for reporting purposes. On June 9th, 2023, the outgoing team and incoming team worked seamlessly together to complete and file the 10K for 2022. The finance team is now nearing completion of the 10Q for 2023 which will have the integrated financial and business plan of Cycle Energy Corp.
Oil production operations
The past few months the Electra production team has been focusing on maintaining the previously announced average production of approximately 500 barrels per month. The operations team has been working aggressively to bring on as much production while working within the constrained budget and cashflow while AMIH management restructures the company and positions the company to be able to raise capital to capitalize field operations. There are still approximately 120 wells that are available on our current leases that can be brought into production.
AcquisitionStrategy:
AMIH is currently looking at several possible "bolt on" properties to our existing leases as acquisition candidates. Now that integration of the companies is nearing completion management will begin to approach potential candidates in the area. Cycle oil and gas production operations are currently focused on Wichita and Wilbarger counties however intends to expand that focus through the area into neighboring counties.
Technologies:
AMIH continues to work on the development of its core technology. The company intends to ramp up development of the GTL project mid to late 2023. Other technologies will be revisited when the right project parameters arise and budget permits.
AMIH owned Cycle Energy Corp. is an energy company based in the state of Texas and currently operates three vertically integrated businesses.
Cycle Oil and Gas. This wholly-owned Texas subsidiary focuses on acquiring and optimizing underdeveloped oil and gas assets. It employs both internally developed and third party-licensed technologies to increase production, optimize performance and reduce costs. Cycle Oil and Gas currently produces approximately 25 barrels of oil per day from 16 leases on approximately 2,000 acers. The company currently has 125 wells on lease to reactivate. Since acquiring the leases in July 2022, Cycle Oil and Gas has increased production from an average of 7 barrels/day to 25 barrels per day. After reviewing well control data in the area, Cycle Oil and Gas believes that there is more recoverable oil available on these leases.
Cycle Energy Services. This wholly-owned Texas subsidiary supports Cycle Energy's overall exploration and production efforts with "well services" and "end of life reclamation." Cycle Energy Services owns and operates a combination of customized service-wireline rigs and HydroVac units. This cutting-edge equipment allows for faster "rig in" and "rig out" times. Overall, Cycle Energy Services equipment and experience combination seeks to reduce the amount of time and fuel burned to complete an abandonment or workover thus reducing costs.
Cycle Energy Technologies. This wholly owned Texas subsidiary provides both R&D and existing technology to enable increased production in the field. Cycle Energy's flagship intellectual property is its mobile Gas to Liquid system. This is used to convert natural gas and other gaseous hydrocarbons into longer-chain hydrocarbons, such as gasoline or diesel fuel.
Each of the AMIH Cycle Energy three vertically integrated businesses operate in tandem to help Cycle Energy capture unique opportunities that often go untapped by the Company's competitors. To learn more about Cycle Energy Corp., visit the company’s Twitter page at https://twitter.com/CycleNRG.
AMIH Realizes Approximately 66% Oil Production Increase Over First Three Months of 2023
On April 3, AMIH received its first Quarterly Field Operations Report (“QFOR”) relating to its newly acquired, wholly-owned subsidiary Cycle Energy Corp. (“Cycle Energy”). The QFOR covers, (1) Oil Well Production, (2) Well Re-completion Projects, and (3) Plugging and Reclamation Projects.
Oil Well Production:
Per the QFOR, Cycle Energy’s oil well production has increased from 15 barrels of oil per day to 25 barrels of oil per day between January 1, 2023, and March 31, 2023, representing a 66% increase. Cycle Energy anticipates that, upon final accounting, its production for March will exceed any month since July 2022.
Much of Cycle Energy’s production growth can be attributed to its Texas team’s focus on increasing well run time and reliability. This has been accomplished through strategic low-cost workovers and repairs.
Oil Well Recompletions:
Per the QFOR, Cycle Energy is scheduled to refrac one of its most promising assets in 2023 Q3. So far in 2023 Q1, Cycle Energy has completed workovers across four leases. It has also scheduled two wells on its Cornelius lease (the “Cornelius Wells”) to be refrac’d early next week. The Cornelius Wells are producing from shallow sand formations at 770’ and have not been re-stimulated since their initial completion. Cycle Energy identified the Cornelius Wells as a primary target due to its initial production under a previous operator.
Plugging and Site Reclamation Projects:
Per the QFOR, Cycle Energy completed its first plugging and abandonment for 2023 on a well within its Burnett portfolio. The subject well was damaged beyond repair and was mandated to be plugged by the Texas Railroad Commission. Cycle Energy is a supporter of environmental regulations and abandonment procedures and conducted the plugging in February 2023.
For more information on $AMIH visit: www.cycleenergycorp.com
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Company Name: American International Holdings Corp
Contact Person: Media Relations
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Phone: (972) 803-5337
Address:3990 Vitruvian Way Suite 1152
City: Addison
State: TX 75001
Country: United States
Website: https://amihcorp.com/
