Northern Minerals & Exploration Ltd. Progress Report on the Three Oil and Gas Wells on the Coleman County Lease in Texas
Northern Minerals & Exploration Ltd.(NMEX)(“Northern” or the “Company”) Further to the Company’s news release of July 21, 2015, Northern is pleased to announce that it has commenced commercial production on the Coleman County lease in central Texas with the completion of the first sales of oil and gas.
Howard Siegel, President of Northern commented, “We are very excited with the successful completion of the rework/recompletion of the three wells on the Coleman County lease and our first oil and gas project in Northern. With the commencement of production from the lease the Company has just reached a milestone and taken its first steps toward building shareholder value through generating cash flow from oil and gas production.”
One of the three wells on the Lease (the “Concho Richey #1”) is a direct offset to a well on an adjoining lease that has produced more than 65,000 barrels and 160 million cubic feet of gas. This offset well after 28 years of production is still producing an average of 6 barrels and 28 thousand cubic feet of gas per day.
Oil and gas production from our lease commenced the first week of August from the Concho Richey #1. Once this well’s oil and gas production rate stabilizes, the other two wells will be brought into production. Northern looks forward to providing further updates as the other two wells are brought into production with the Concho Richey #1.
Northern, keeping in line with its corporate strategy, continues evaluating opportunities that offer lower risk to maximize the Company’s success in building oil and gas revenues.
For further information on Northern and the Coleman County lease please review the Company’s website at www.northernmineralsexploration.com or the Company’s filings at www.otcmarkets.com or call 1-239-596-0567.
About Northern Minerals & Exploration Ltd. (NMEX) Northern Minerals & Exploration Ltd.is a natural resource company focused on both domestic and international exploration and development projects. The Company is dedicated to building cash flow from oil and gas production in central Texas.
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 offinancing 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.