Cycle Energy Industries has signed a purchase agreement for 100 percent of the issued and outstanding shares of Harvest Petroleum, an oil and gas company headquartered in Texas.
According to the agreement, Cycle Energy will purchase all of the issued and outstanding shares of Harvest Petroleum for an aggregate value of $1 million using a combination of cash, common stock and preferred shares.
“The purchase of Harvest Petroleum is a strategic acquisition for Cycle as we aggressively move forward into the U.S. market having a trusted partner as well as an officer of our company,” said Michael McLaren, CEO of Cycle Energy. “This purchase will instill greater drive and motivation into Cycle's expanding assets in the oil and gas services, and field proven Cycle Energy technologies.”
As part of the transaction, Harvest Petroleum’s founder Robert Harvey will join the board of directors of Cycle Energy. Harvey has more than 20 years' experience in the upstream
