SALT LAKE CITY, UT / ACCESSWIRE / January 21, 2021 / Northern Minerals & Exploration Ltd. (Stock Symbol:NMEX) is pleased to provide the following corporate update on its West Lenapah Natural Gas Project in Nowata County located in Northwestern Oklahoma:
West Lenapah Natural Gas Project:
Natural gas sales from the West Lenapah Project increase as the project continues to bring more wells online since September 1, 2020. The short-term plans over the next three months are to rework and bring into production approximately 12 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 70 wells producing between 1500 and 2000 MCF per day.
A reservoir engineer has been engaged to conduct a reserve report on the West Lenapah Gas Project. Upon completion of this report the results will be reported to the Company's shareholders.
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 gross acres, and 23,000 net acres of largely contiguous leasehold and 1200 miles of associated gathering lines. NMEX owns 6.98% interest in Calihoma Partners, LLC.
Natural Gas Prices:
The United States Energy Information Administration projections for 2021 include a decline in overall production from 2020 production along with slightly lower demand. Additionally, the EIA projects an increase in LNG exports of 30% from 2020 numbers. Calihoma Partners believes these projections along with the recent decline in active Natural Gas directed rigs will provide support for Natural Gas prices. The source of this information was taken from the January 7, 2021 EIA Natural Gas Weekly Update publication.
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
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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