Alberta-based Xfuels Inc. reported Monday that it plans to expand into the United States by adding 516 Midcontinent oil and gas wells to its holdings.

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The new assets come via a letter of intent (LOI) to purchase 100% of the common stock of Jubilee Exploration LLC, which controls the wells across 10 counties in northeastern Oklahoma and southeastern Kansas. Xfuels said the transaction marks its largest acquisition to date.

“The Jubilee acquisition will mark a major milestone for us as we enter the U.S. market,” said CEO Mike McLaren. “We plan to add considerable volume to Jubilee’s current production by applying the same expertise and technology that has served us well in Canada.”

Xfuels said  “many” of the Jubilee portfolio assets “are now low producing or...