NMEX Increases Ownership in West Lenapah Gas Project
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.
- Increased ownership of Calihoma Partners LLC, enhancing control over the West Lenapah Gas Project.
- Estimated natural gas reserves of 8.3 BCF provide significant production potential.
- Current production of 250-300 MCF per day with plans to increase to 1000-1500 MCF per day by year-end.
- None.
SALT LAKE CITY, UT / ACCESSWIRE / April 20, 2021 / Northern Minerals & Exploration Ltd. (OTC PINK:NMEX) entered into an agreement to increase its ownership percentage of Calihoma Partners LLC. on April 13, 2021. Calihoma Partners LLC owns
West Lenapah Natural Gas Project:
The West Lenapah Gas Project is a joint venture project to operate, produce and develop a natural gas asset covering approximately 40,000 gross acres, and 22,500 net acres of largely contiguous leasehold and 1200 miles of associated gathering lines. A total of 86 wellbores are on this acreage of which currently 25 are producing 250 to 300 MCF of natural gas per day.
The Natural Gas Reserves allocated for the West Lenapah Gas Project are estimated to be 8.3 BCF of proved developed producing, proved developed non-producing, proved behind pipe Mississippian and proved behind pipe coal seam gas. Future Net Cash Flow to
The short-term plans over the next three months are to rework and bring into production approximately 15 more gas wells in the West Lenapah area, which is projected to add an additional 500 MCF per day and by the end of 2021 plans are to be operating and producing a total of 60 wells producing between 1000 and 1500 MCF per day.
About NMEX:
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.
Management is very optimistic about the future of NMEX as it is evaluating many opportunities for growth and expansion of the Company.
Contact: Noel Schaefer
Phone: 801-885-9260
Email: cerronrs@msn.com
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.
SOURCE: Northern Minerals & Exploration Ltd.
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