HXPN, Inc. announces Investment with Mid-Con Energy Operating, LLC

Rhea-AI Summary

HXPN, an emerging technologies and mineral resources company, has signed a Letter of Intent to invest up to $100 million in Mid-Con Energy Operating, an oil and gas exploration firm. Mid-Con specializes in secondary recovery methods in conventional oil fields, targeting almost 10 million barrels of recoverable reserves, with potential for an additional 20 million barrels. Both companies are conducting due diligence, expecting to finalize the investment by June 2022. This collaboration aims to create long-term value through strategic project development.

Positive

• HXPN's investment of up to $100 million in Mid-Con Energy could significantly enhance its asset portfolio.
• Mid-Con's projects target almost 10 million barrels of recoverable oil, with potential for an additional 20 million barrels.

Negative

• None.

DALLAS, TEXAS, April 22, 2022 (GLOBE NEWSWIRE) -- HXPN, Inc., (OTC PINK: HXPN), an emerging technologies and mineral resources development company, today announced that it has signed a Letter of Intent with Mid-Con Energy Operating, LLC (Mid-Con), a Tulsa, Oklahoma-based oil and gas exploration and exploitation company, to invest up to $100 million in a variety of Mid-Con’s projects, with the option to invest additional capital at HXPN’s discretion and upon meeting certain funding targets. Mid-Con’s expertise is secondary recovery in existing conventional oil fields that have lost reservoir pressure, but still have significant remaining recoverable reserves. Mid-Con has identified a number of projects and prospective fields that are excellent candidates for this method of recovery and it expects to move quickly to acquire the necessary lease acreage, and to begin to fully develop the projects. Mid-Con’s current projects are located in oil rich basins throughout the Midwest and contain almost ten million barrels of potential recoverable reserves. Other prospective fields identified and screened by Mid-Con could contain an additional twenty million barrels of recoverable oil. The parties are currently performing their respective due diligence and expect to close the transaction in June, 2022.

“We are very excited to have the opportunity to work with Randy Olmstead and the entire Mid-Con team in the pursuit of their goals” said Steve Bailey, President and CEO of HXPN. “Randy and the Mid-Con team have identified many significant exploitation opportunities that can be realized at attractive economics and they have invested significantly, both in time and resources, to assemble and formulate their plans. We look forward to helping Mid-Con carry out its mission,” added Bailey.

 “We are pleased to be working with HXPN to close this transaction,” said Randy Olmstead, Founder and Manager of Mid-Con. “HXPN will help us to realize our goals and to create long-term value in the projects that we plan to develop,” continued Olmstead.

About HXPN, Inc.

Based in Dallas, Texas, HXPN is engaged in the acquisition and development of emerging technologies that will impact everyday life. Additionally, the company seeks to acquire mineral resources necessary for the sustainability of daily life in our ever-changing world.

Notice Regarding Forward-Looking Statements:

This news release may contain "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions for the future. Such forward-looking statements include, among other things, the ongoing effect(s) of domestic and world economic conditions and any related impact(s) on the potential business development and future interest in our technology and resources investments.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, and other domestic and world events. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.

HXPN, Inc is currently a non-reporting OTC-quoted “Pink Limited Information” company, and has achieved compliance with recently-amended SEC Rule 15c2-11, which requires that “companies make current information publicly available to maintain a market.” Investors should consult all information set forth herein and on the Company’s website for the latest available information.

CONTACT:

HXPN, Inc.
Stephen L. Bailey, President
2911 Turtle Creek Boulevard, Suite 300
Dallas, TX 75219
(833) 250-6645

Investors & Analysts Contact:
HXPN Investor Relations
(833) 250-6645
ir@hxpninc.com

For more information, visit HXPN's website: www.hxpninc.com

FAQ

What is HXPN's recent investment announcement?

HXPN announced it has signed a Letter of Intent to invest up to $100 million in Mid-Con Energy's projects.

How much recoverable oil is targeted by Mid-Con Energy?

Mid-Con Energy targets nearly 10 million barrels of recoverable oil, with potential for an additional 20 million barrels.

When is HXPN expected to close its investment in Mid-Con Energy?

The transaction is expected to close by June 2022.

What type of projects will HXPN be investing in?

HXPN will invest in oil and gas exploration and exploitation projects focusing on secondary recovery methods.