MGX Minerals Receives Bureau of Land Management Approval of the
Blueberry Unit Covering 80,000 Acres of Oil and Gas Leases at Utah
Petrolithium Project
VANCOUVER, BRITISH COLUMBIA / July 13, 2017 -
InvestorsHub NewsWire - / MGX Minerals Inc. (MGX or the
Company) (CSE: XMG / FKT: 1MG / OTC: MGXMF) today announced that the
Company has received approval from the U.S. Bureau of Land
Management (BLM) to unitize its oil and gas leases within the
Companys Paradox Basin Petrolithium project in Utah (Paradox Basin
or the Project).
This newly unitized area (the Unit) encompasses 80,380.84 acres
of Federal, State of Utah, and private lands and provides MGX with
a base of operations to conduct petrolithium exploration in Utah.
Because of the high percentage of committed oil and gas leases, MGX
has retained effective control of operations on committed oil and
gas leases within the Unit. The Company currently controls mineral
claims inclusive of lithium and other industrial minerals within
the overwhelming majority of the Unit and the contiguous Lisbon
oilfield.
MGXs rapid extraction process harvest minerals like lithium and
magnesium from petroleum brine- the salt water that accompanies oil
and gas to the surface at oil wells (also known as produced water)-
thats normally considered a waste product from oil and gas
production. The patented process yields lithium- a crucial mineral
for the renewable energy economy- in a matter of days, rather than
the months or years required for traditional lithium extraction
methods. While extracting minerals, MGXs technology also treats the
produced water for reuse or simple disposal.
Reservoir Study Nearing Completion
The Company also reports that the Ryder Scott Company (Ryder
Scott) is nearing completion of an independent resource evaluation
for oil, gas and water for the Project. MGX expects to receive the
report shortly.
Paradox Basin and Lisbon Valley Oilfield
MGX controls 110,000 acres of oil and gas leases and
approximately 118,000 acres of largely overlying mineral claims
within the Paradox Basin, located in close proximity to the Lisbon
Valley oilfield 40 miles southeast of Moab, Utah. Brine content
within the Lisbon oilfield have been historically reported as high
as 730 ppm lithium (Superior Oil 88-21P). The Paradox Basin has
been noted by the USGS as having one of the largest undeveloped oil
and gas fields in the United States (Assessment of Oil and Gas
Resources in the Paradox Basin Province; USGS; 2011; https://pubs.usgs.gov/fs/2012/3031/FS12-3031.pdf).
According to production statistics, as reported by the Utah
Department of Natural Resources, Oil, Gas and Mining Division,
cumulative lifetime production within Lisbon Valley oilfield,
contiguous with the Blueberry Unit, has totaled 51.4 million
barrels of oil as of February 2017 (Oil Production by Field,
Utah Department of Natural Resources, Division of Oil, Gas and
Mining; February 2017; http://oilgas.ogm.utah.gov/Statistics/PROD_Oil_field.cfm).
Qualified Person
The technical portions of this press release were prepared and
reviewed by Andris Kikauka (P. Geo.), Vice President of Exploration
for MGX Minerals. Mr. Kikauka is a non-independent Qualified Person
within the meaning of National Instrument (N.I.) 43-101
Standards.
MGX may decide to advance its petrolithium projects into
production without first establishing mineral resources supported
by an independent technical report or completing a feasibility
study. A production decision without the benefit of a technical
report independently establishing mineral resources or reserves and
any feasibility study demonstrating economic and technical
viability creates increased uncertainty and heightens economic and
technical risks of failure. Historically, such projects have a much
higher risk of economic or technical failure.
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with
interests in petrolithium, magnesium and silicon assets throughout
North America. Learn more at www.mgxminerals.com.
Contact Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com
Neither the Canadian Securities Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or
forward-looking statements including the completion of the rights
offering (collectively "forward-looking information") within the
meaning of applicable securities laws. Forward-looking information
is typically identified by words such as: "believe", "expect",
"anticipate", "intend", "estimate", "potentially" and similar
expressions, or are those, which, by their nature, refer to future
events. The Company cautions investors that any forward-looking
information provided by the Company is not a guarantee of future
results or performance, and that actual results may differ
materially from those in forward-looking information as a result of
various factors. The reader is referred to the Company's public
filings for a more complete discussion of such risk factors and
their potential effects which may be accessed through the Company's
profile on SEDAR at www.sedar.com.