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Northern Minerals & Exploration Ltd. (NMEX) announced plans to start Bitcoin mining, leveraging natural gas wells for energy. The initiative, managed by newly engaged Ricardo Esparza, aims to utilize shut-in gas wells to generate cost-effective electricity for mining operations. With Bitcoin mining demanding vast energy, NMEX's approach could enhance profitability. The company also highlights growing interest in cryptocurrencies, particularly in Latin America, amid economic uncertainty.
Northern Minerals & Exploration Ltd. (NMEX) has announced the hiring of Ricardo Esparza as of June 20, 2021. Esparza is a civil and environmental engineer with previous experience at the Environmental Defense Fund, specializing in energy market analysis and oil and gas policy. He holds degrees from Tecnologico de Monterrey and Columbia University. NMEX is optimistic about future growth, focusing on opportunities in oil and gas exploration, as well as gold and silver exploration in Nevada and real estate development in Mexico.
Northern Minerals & Exploration Ltd. (OTC PINK:NMEX) announced on April 13, 2021, an agreement to increase its ownership in Calihoma Partners LLC, which possesses 60% of the West Lenapah Gas Project. NMEX can raise its stake by an additional 27% through capital contributions. The project spans 40,000 gross acres with 86 wellbores, currently producing 250 to 300 MCF of natural gas daily. Plans include bringing 15 additional wells into production, potentially achieving total output of 1000 to 1500 MCF daily by year-end.
Northern Minerals & Exploration Ltd. (OTC PINK:NMEX) has entered an agreement to increase its stake in Calihoma Partners LLC, which owns 60% of the West Lenapah Gas Project. This project spans approximately 40,000 gross acres, with 8.3 BCF of natural gas reserves.
Currently, 25 wells are producing between 250-300 MCF of natural gas daily, with plans to boost production to a total of 60 wells by year-end, targeting 1000-1500 MCF daily. Future net cash flow is projected to be $8,824,500.
Northern Minerals & Exploration Ltd. (OTC PINK:NMEX) announced the termination of its Option Agreement for the Winnemucca Mountain Gold Property due to default on certain terms. The company is currently in discussions to resolve these issues. However, management is expanding its ownership in the West Lenapah Gas Project and considering new real estate investments in Mexico. Furthermore, NMEX is evaluating acquisition opportunities to enhance shareholder value, highlighting optimism for future growth amid ongoing assessments.
Northern Minerals & Exploration Ltd. (NMEX) has provided an update on its West Lenapah Natural Gas Project, which began selling gas on September 1, 2020. Initial revenues are expected in November 2020, with production rates exceeding 400 mcfgpd. The project involves 40,000 acres and is projected to deliver reserves of 11.0 to 25.0 bcf of natural gas. Recently, natural gas prices rose significantly, enhancing cash flow potential. NMEX filed its audited financial statements on October 29, 2020, for FY ending July 31, 2020. The company remains optimistic about growth opportunities despite the recent passing of a director.
Northern Minerals & Exploration Ltd. (NMEX) provides an update on its West Lenapah Gas Project in Oklahoma, where field operations have commenced and are on track for first sales in August, with revenues expected in Q4 2020. The project encompasses approximately 40,000 acres and includes a joint venture with Calihoma Partners, LLC and EnergyVest Inc. NMEX holds a 4.25% interest. Future development could yield reserves between 11.0 bcf and 25 bcf. The company aims to expand operations with 45 wells and additional gas marketing.
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