NMEX Provides Update on West Lenapah Gas Project

Rhea-AI Summary

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.

Positive

• Field operations for the West Lenapah Gas Project have commenced on schedule.
• First sales are expected in August with revenue generation anticipated in Q4 2020.
• NMEX holds a 4.25% interest in the project, which covers 40,000 acres.
• Future reserves are estimated between 11.0 bcf and 25 bcf.

Negative

• None.

SALT LAKE CITY, UT / ACCESSWIRE / August 13, 2020 / Northern Minerals & Exploration Ltd. (OTC PINK:NMEX) is pleased to announce the following update on the Company's interest in the West Lenapah Gas Project in Oklahoma:

Field operations for the West Lenapah Project have commenced and we are on schedule for first sales in August and first revenues in Q4 2020. Pictured is the compressor site with the main unit that will allow us to move up to 1.6 MMcf per day. The site is designed for the ability to reconfigure and scale as needed for increased gas volumes.

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.

NMEX acquired 4.25% interest in Calihoma Partners, LLC and the West Lenapah Project managed by Foster Zeiders. Gas revenues are expected to begin during the fourth quarter of this year. Future development of the West Lenapah Project should deliver to the Joint Venture reserves estimated between 11.0 bcf and 25bfc.

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.

For further information on NMEX please go to www.otcmarkets.com or www.sec.gov

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.

View source version on accesswire.com:
https://www.accesswire.com/601587/NMEX-Provides-Update-on-West-Lenapah-Gas-Project

FAQ

What is the status of the West Lenapah Gas Project by NMEX?

Field operations have commenced and are on schedule for first sales in August 2020.

When does NMEX expect to start generating revenue from the West Lenapah Project?

NMEX anticipates revenues to begin in the fourth quarter of 2020.

What is NMEX's interest in the West Lenapah Gas Project?

NMEX has a 4.25% interest in the West Lenapah Project, managed by Calihoma Partners, LLC.

What are the estimated reserves for the West Lenapah Gas Project?

Future development of the project is estimated to yield reserves between 11.0 bcf and 25 bcf.