$MGXMF MGX Minerals Announces Unitization of Oil a
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Posted On: 04/10/2017 11:49:32 PM
$MGXMF MGX Minerals Announces Unitization of Oil and Gas Leases and Addition of 70,000 Acres Overlying Lithium Brine Claims at Paradox Basin Utah
VANCOUVER, BRITISH COLUMBIA -- April 10, 2017 -- InvestorsHub NewsWire -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTC: MGXMF) is pleased to provide a project development update for its Paradox Basin petrolithium project.
The Company has begun unitization of designated oil and gas leases and the staking of overlying mineral claims located contiguous to its Lisbon Valley mineral claims. The purpose of the unitization is to eliminate property boundaries, pool mineral interests and establish the Company’s private partner as unit operator. MGX now controls more than 94,000 acres of combined oil and gas leases and mineral claims in the State of Utah. MGX's North American Lithium Brine claims now exceed 1.7M acres.
MGX and its Utah based partner have completed boundary surveying and issued mailers to parties within the unit. Additionally, the Company has submitted a permit to drill along with a surface use plan of operations to the Bureau of Land Management (BLM). Previous geological and seismic information is now under review and preparations have commenced to conduct a 3-D seismic shoot to understand both lithium and oil-bearing structures.
Consolidation through unitization of the oil and gas leases represents the most efficient timelines and cost-effective means of developing the area’s underlying resources.
Engineering of Oil, Gas, and Lithium Wells
MGX is currently in discussion with a US based engineering company for drilling and operation of multi- zone wells optimized for maximum flow of oil, gas, lithium and magnesium brine. MGX expects a project scoping study shortly.
Acquisition of Additional Minerals Claims
MGX as part of the acquisition of mineral claims overlying its recent oil and gas lease acquisition in the Paradox Basin 4,718 additional mineral claims were acquired. This expanded land position adds 94,082 acres to the Company’s Paradise Basin petrolithium project, increasing MGX’s total cumulative minerals claims to approximately 118,000 acres (see Figure 1), which now includes the majority of oil, gas, and brine mineral rights within the area of interest.
VANCOUVER, BRITISH COLUMBIA -- April 10, 2017 -- InvestorsHub NewsWire -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTC: MGXMF) is pleased to provide a project development update for its Paradox Basin petrolithium project.
The Company has begun unitization of designated oil and gas leases and the staking of overlying mineral claims located contiguous to its Lisbon Valley mineral claims. The purpose of the unitization is to eliminate property boundaries, pool mineral interests and establish the Company’s private partner as unit operator. MGX now controls more than 94,000 acres of combined oil and gas leases and mineral claims in the State of Utah. MGX's North American Lithium Brine claims now exceed 1.7M acres.
MGX and its Utah based partner have completed boundary surveying and issued mailers to parties within the unit. Additionally, the Company has submitted a permit to drill along with a surface use plan of operations to the Bureau of Land Management (BLM). Previous geological and seismic information is now under review and preparations have commenced to conduct a 3-D seismic shoot to understand both lithium and oil-bearing structures.
Consolidation through unitization of the oil and gas leases represents the most efficient timelines and cost-effective means of developing the area’s underlying resources.
Engineering of Oil, Gas, and Lithium Wells
MGX is currently in discussion with a US based engineering company for drilling and operation of multi- zone wells optimized for maximum flow of oil, gas, lithium and magnesium brine. MGX expects a project scoping study shortly.
Acquisition of Additional Minerals Claims
MGX as part of the acquisition of mineral claims overlying its recent oil and gas lease acquisition in the Paradox Basin 4,718 additional mineral claims were acquired. This expanded land position adds 94,082 acres to the Company’s Paradise Basin petrolithium project, increasing MGX’s total cumulative minerals claims to approximately 118,000 acres (see Figure 1), which now includes the majority of oil, gas, and brine mineral rights within the area of interest.
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