Salt Lake City, UT, October 04, 2024 - Northern Minerals & Exploration Ltd. (OTC Markets: NMEX) is pleased to announce that it has executed a Letter of Intent (“LOI”) to purchase 100% of the issued and outstanding common shares of an arm’s length private oil & gas company to acquire certain crude oil assets and reserves located in the province of Alberta, Canada (the “Assets” or the “Company”).
Under the terms of the LOI, NMEX has agreed to purchase the Assets in exchange for a combination of cash, common and preferred stock of NMEX for an aggregate purchase price of USD $500,000 (the “Purchase Price”).
The acquisition of the Assets is expected to close during the month of October 2024, subject to customary closing conditions such as due diligence, board approvals, regulatory approvals and the signing of a share purchase agreement (the “Definitive Agreements”)
Acquisition Summary and Rationale
The Assets that NMEX is proposing to acquire is a private Calgary, Alberta, Canada-based energy company engaged in the exploration, development and production of crude oil and natural gas reserves in the Western Canadian Sedimentary Basin.
The Company owns a 70% working interest in two crude oil wells and oil batteries encompassing 480 acres of mineral leases located in east central, Alberta.
The acquisition of the Assets aligns with NMEX’s long-term business strategy of developing oil and gas production and reserves in North America. This acquisition of the Assets establishes NMEX’s position in the Province of Alberta’s large area of extensive Upper Mannville Group series of hydrocarbon bearing formations and reservoirs that are actively being developed by several major oil and gas companies in eastern Alberta and Saskatchewan.
About Northern Minerals & Exploration Ltd. (“NMEX”)
Northern Minerals & Exploration Ltd. is a public energy company engaged in the acquisition, exploration and production of petroleum reserves in both the United States and Canada. NMEX’s common stock is listed on OTC Markets under the symbol, “NMEX”.
Forward Looking Statements
This press release and the statements made by NMEX in this press release may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements describe NMEX’s future plans, projections, strategies and expectations, and may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of similar meaning. These forward-looking statements are based on assumptions and involve a number of risks, uncertainties, situations and other factors that may cause our or our industry’s actual results, level of activity, performance or achievements to be materially different from any future results, level of activity, performance or achievements expressed or implied by these statements. These factors include changes in interest rates, market competition, changes in the local and national economies, and various other factors detailed from time to time in NMEX’s SEC reports and filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. NMEX undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
Contact
Northern Minerals & Exploration Ltd.
Wayne Webb
(254) 631-2093
https://northernmineralsandexploration.com
