QUITMAN, Texas, Dec. 10, 2018 (GLOBE NEWSWIRE) -- Northern Minerals & Exploration Ltd. (Stock Symbol: NMEX) is pleased to report that the Company has entered into an MOU with EnergyFunders to jointly participate in the exploration and development of oil and gas projects.
On November 30, 2018 NMEX and EnergyFunders entered into a Memorandum of Understanding (“MOU”) to set forth the terms and conditions to jointly operate and pursue oil & gas projects. It was mutually agreed to create EF NMEX 18, LP, in order to joint promote domestic oil and gas drilling projects.
EnergyFunders is a first of its kind Financial Technology platform providing direct energy investments to all levels of investors. Historically direct oil and gas investing is inefficient and antiquated. EnergyFunders digitalizes these investments adding project transparency and industry level of due diligence for all types of investors. EnergyFunders.com focuses on upstream conventional exploration drilling programs and has successfully funded over 22 projects since its inception.
NMEX is very pleased with its business relationship with EnergyFunders established in 2015 where EnergyFunders successfully funded a three-well rework and re-completion program on three wells owned by NMEX. NMEX is now pleased to be able to take this business relationship to the next level by jointly working on projects together.
The first project in which EnergyFunders and NMEX will participate is the drilling of a seismic structure in the Beauregard Parish of Louisiana, known as the Northside High Prospect. The target depth is 7,300 feet to test the Cockfield (Yegua) Sand. Notable wells in the area have produced more than 200,000 barrels of oil from a single well. Drilling of this well is scheduled to begin in January 2019. NMEX has agreed to acquire 16% working interest in this well.
Northern Minerals & Exploration (“NMEX”) is an emerging publicly traded company focused on building income and value for its shareholders through oil and gas exploration in the United States, gold exploration in northern Nevada and real estate development in Mexico.
For further information see the Company’s filings at www.otcmarkets.com or www.sec.gov
