META Commences Drilling Operations in Orogrande Project to Maintain Lease Compliance
Meta Materials Inc. (NASDAQ:MMAT) announced an update on its oil and gas assets, specifically the Orogrande project. To maintain lease compliance, the company must drill four wells in 2021. Currently, two wells are being drilled this month, with plans for a second pair to begin in early November. Successful completion of these drilling operations will satisfy lease obligations and the Continuous Drilling Clause with University Lands.
- Initiating drilling operations with two wells underway and plans for two more.
- Meeting lease obligations might enhance the operational stability of oil and gas assets.
- Dependence on drilling success to maintain lease compliance poses a risk.
- Interest in oil and gas operations held only by Series A Preferred Stock holders could limit investor engagement.
HALIFAX, NS / ACCESSWIRE / October 15, 2021 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT) a developer of high-performance functional materials and nanocomposites, today provided an update on the Company's oil and gas assets and operations. Four wells must be drilled in the Orogrande project in 2021 to hold the lease for sale or spinout. Two wells are being drilled this month on one pad site, and the Company expects to begin drilling a second pair of wells on another site in early November. The Company believes that upon completing the drilling of these four wells, the Company will be in compliance with all aspects of its lease obligations, and the CDC (Continuous Drilling Clause) with University Lands on the Orogrande project will be satisfied.
About Meta Materials Inc.
META® delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our achievements have been widely recognized, including being named a Global Cleantech 100 company. Learn more at www.metamaterial.com.
Forward Looking Information
This press release includes forward-looking information or statements within the meaning of Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, regarding the Company, the Company's oil and gas assets, and the Company's related lease obligations, which may include, but are not limited to, statements with respect to the business strategies, project development, and operational activities of the Company. Often but not always, forward-looking information can be identified by the use of words such as "potential," "predicts," "projects," "seeks," "plans," "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "should," "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks related to the completion of the four wells and the Company's oil and gas operations, the interest of which is held only by the holders of the Series A Preferred Stock. More details about these and other risks that may impact the Company's plans regarding its current oil and gas operations and the interests of the Series A Preferred Stock are described under the heading "Risk Factors" in the Company's Form 8-K filed with the SEC on June 29, 2021, and under the heading "Risk Factors" in the Company's Form 10-Q filed with the SEC on August 13, 2021, in the Company's Form 10-K filed with the SEC on March 18, 2021, and in subsequent filings made by Meta Materials with the SEC, which are available on SEC's website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by law.
Contact:
Mark Komonoski
Senior Vice President
Integrous Communications
Phone: 1-877-255-8483
Email: ir@metamaterial.com
Media inquiries:
SOURCE: Meta Materials Inc.
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FAQ
What is the latest update from Meta Materials Inc. regarding their Orogrande project?
How many wells must Meta Materials drill in 2021 for the Orogrande project?
When will Meta Materials begin drilling additional wells in the Orogrande project?
What are the implications if Meta Materials does not complete the drilling in the Orogrande project?
What is the significance of the Continuous Drilling Clause for Meta Materials?
