Manganese X Energy Corp. (TSXV:MN) (FSE:9SC2) (TRADEGATE:9SC2)(OTC Pink:SNCGF) ( “Manganese X” ) is pleased to announce that it has signed a non-binding letter of intent to purchase, subject to board approval, a 15 % interest in a privately owned Canadian Oil and Gas company (“Privateco”). Privateco will be named at a later date owing to the fact that it is presently engaged in negotiations for additional property acquisitions.
Privateco has a contract with Schlumberger Limited, an oil and gas services company (SLB on the NYSE, market cap US $92.5 billion), to utilize their newly developed technology that has been shown to significantly increase oil and gas yields. Privateco will utilize this with their existing prime Western Canadian oil and gas properties as well as any property acquisitions which have been approved by Schlumberger, the world’s leading provider of technology for reservoir characterization.
In addition, Schlumberger will provide their expertise as well as finance the implementation of these projects to completion. Schlumberger will receive 30% of the profits from the increased production.
The investment in Privateco is expected to generate quarterly dividends to Manganese X which would finance the exploration and development of the Battery Hill project and reduce further dilution to Manganese X shareholders.
“We are very pleased with our progress in developing this business relationship with Privateco and will continue our endeavors to complete the transaction as quickly as possible” stated CEO Martin Kepman, “We anticipate completion of our due diligence and finalization of our agreement within the coming weeks”. Further details will be released at the appropriate time.
About Manganese X Energy
Manganese X Energy’s mission is to acquire and advance high potential manganese prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries as well as the steel industry. In addition, our company is striving to achieve new methodologies emanating with environmentally friendly green/zero emissions processes and producing manganese at a lower competitive cost.
For more information, visit the website at www.manganesexenergycorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
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This news release contains “forward-looking information” including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company’s filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information