EVART, Mich., July 25, 2018 /PRNewswire/ -- Michigan Potash
Company ("MPC" or "Michigan Potash") is pleased to welcome Mr.
Clay M. Gaspar to the Board of
Directors.
Mr. Gaspar is currently President and Chief Operating Officer at
WPX Energy, Inc (NYSE: WPX). Clay has been instrumental at
WPX, implementing widespread change associated with a $7 billion portfolio transformation that has made
WPX an emergent, nibble leader in
natural resource development and a part of the United States' dramatic shift to energy
independence.
As identified by the United States Geological Survey, Michigan
Potash is an emergent natural resource player sitting on a
purported $65-billion, 150 year,
proved and probable potash reserve. It is one of the highest
grade ores in the world.
Potash ore in Michigan is
accessed by drilling wells a mile and a half underground and
circulating water and brine. MPC is re-initiating with new
investment, high quality potash and food grade salt production from
a tier one reserve serving the highest potash and salt consuming
region in the United States.
"Our operation is more akin to energy development then
conventional mining operations. Clay is a well-respected
industry leader, with sound decision analysis and immediate
experience in materializing similar projects to cash flow with
state of the art technology," commented Theodore Pagano, CEO of Michigan Potash.
A Presidential order was issued in December to ensure secure and
reliable US supplies of 35 critical and strategic minerals,
including potash, which is considered critical to economic and
national security. Potash is a natural potassium fertilizer
required for food growth and has no known substitutes. It is also
used in oil and gas drilling fluids, steel manufacturing, and food
products. The United States currently imports over 95% of its
domestic potash needs, principally from only four companies with
assets in Russia (1) ,
Belarus (1), and Canada (2).
Clay Gaspar joins Angelo
Brisitimakis, the former CEO of Compass Minerals, the US' largest
publicly traded company of both specialty potash and salt.
"Clay's business savvy and leadership will be instrumental in
facilitating a successful answer to the recent US Government call
to increase domestic potash production and alleviate the current
import reliance. His executive leadership will help us
successfully transform Michigan's
unique asset and infrastructural strength into new GDP while
becoming the United States' only
material and sustainable supplier of muriate of potash," continued
Theodore.
Previously, Clay served as Vice President for Newfield
Exploration Company, and prior, spent 16 years with Anadarko
Petroleum Corporation holding positions as General Manager of
Investor Relations, Business Advisor, and General Manager.
Clay is a Registered Professional Engineer with a Bachelor's
degree in Petroleum Engineering and Master's degree in Petroleum
and Geosciences Engineering.
Clay has worked across the country and abroad, offshore and
onshore, engineering and administrative. Clay has also been pivotal
when working together with communities. "Communities
are affected by our operations, and it's incumbent upon us to work
together," says Clay. "For every project, you want to not only add
value, but also to leave things better than you found them."
About Michigan Potash Company:
Michigan Potash Company, LLC is a private, US-based potash and
salt company responsibly controlling over 150 million tons of
recoverable potassium K2O product in the US cornbelt, leading
America into a new era of sustainable, low cost, domestic potash
production.
The company is also planning to produce high grade saleable salt
which will provide revenue streams that offset operating costs,
which are already the world's lowest net
delivered to the cornbelt.
Michigan Potash Company, LLC has engaged PricewaterhouseCoopers
Corporate Finance LLC as its exclusive financial advisor.
For further information, please visit our website:
http://mipotash.com
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SOURCE Michigan Potash Company