SALT LAKE CITY, UT / ACCESSWIRE / July 28, 2020 / Northern Minerals & Exploration Ltd. (OTC PINK:NMEX) is pleased to announce the following corporate and oil and gas projects updates.
Richey 2A Well:
The Company and Kathis Energy LLC, it's wholly owned subsidiary, have been successful in securing an industry oil & gas partner to assume the obligations of meeting the drilling and completion commitments of Kathis and the Company's to certain investors by agreeing to drill the Richey 2A well on a 20 acre tract in Coleman County, Texas. During 2018 Kathis raised $125,000 and NMEX raised $166,500 for a total of $291,500 from these certain investors for oil and gas operations. The drilling of the Richey 2A well is now being drilled and with that the obligations to the oil & gas investors of Kathis and NMEX is being met and the liability will be removed from the Company's balance sheet and contingent liabilities. Drilling was completed on the Richey 2A well on July 24, 2020 and is now awaiting completion. For assuming the drilling and completion obligation both Kathis and NMEX will convey their interest in the Richey 2A to the oil & gas partner and to certain investors to relieve those obligations owing.
West Lenapah Natural Gas Project:
Northern Minerals and Exploration has acquired 4.25% interest in Calihoma Partners, LLC and the West Lenapah Project managed by Foster Zeiders. In addition to its current position, Northern has the ability to increase its participation through July 31, 2020. Initial revenues are expected in Q4 2020. Future development of the West Lenapah Project should deliver to the Joint Venture reserves estimated between 11.0 bcf and 25bfc.
The West Lenapah Project, located in Nowata County, Ok, is a joint venture between Calihoma Partners, LLC and EnergyVest Inc., to operate, produce and develop a natural gas asset covering approximately 40,000 acres of largely contiguous acreage and 1200 miles of associated gathering lines. Future operations include the startup of 45 wells, the marketing of offset lease gas, and the development of over 40 identified Mississippian and Coalbed Methane gas wells currently located within the West Lenapah Project.
Management is very optimistic about the future of NMEX as it is evaluating many opportunities for growth and expansion of the Company.
Our website is currently under construction while updated information is being added. Our website address is: www.northernmineralsexploration.com
NMEX financial statements for the fiscal year ended July 31, 2019 and subsequent quarterly reports have been filed causing the Company to be current with the SEC in its filings.
Northern Minerals & Exploration ('NMEX') is an emerging publicly traded company focused on oil and gas exploration & production, gold & silver exploration in Nevada & real estate development projects in Mexico.
Contact: Noel Schaefer
Forward Looking Statements:
Statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words 'estimate,' 'possible,' 'seeking,' and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements. The information herein is subject to change without notice. Northern Minerals & Exploration Ltd. shall not be liable for technical or editorial errors or omissions contained herein. This article highlights key provisions in the 500-page tax reform bill. It is not a comprehensive explanation of changes to the tax code, nor is it intended for use as tax guidance or advice. Readers should consult with a qualified tax professional on how this new law affects their interests.
SOURCE: Northern Minerals & Exploration Ltd.
View source version on accesswire.com: