Manganese X signs LOI for 15% of oil and gas company

Mar 12, 2018

2018-03-09 16:23 ET – News Release

Mr. Martin Kepman reports

MANGANESE X SIGNS NON-BINDING LOI TO PURCHASE 15% INTEREST IN PRIVATE CANADIAN OIL AND GAS COMPANY UTILIZING BREAKTHROUGH SCHLUMBERGER TECHNOLOGY FOR ENHANCING OIL AND GAS PRODUCTION

Manganese X Energy Corp. has signed a non-binding letter of intent to purchase, subject to board approval, a 15-per-cent interest in a privately owned Canadian oil and gas company. The private company will be named at a later date owing to the fact that it is presently engaged in negotiations for additional property acquisitions. The private company has a contract with Schlumberger Ltd., an oil and gas services company, to utilize its newly developed technology that has been shown to significantly increase oil and gas yields. The private company will utilize this with its 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 its expertise as well as finance the implementation of these projects to completion. Schlumberger will receive 30 per cent of the profits from the increased production. The investment in the private company 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 chief executive officer, 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 Corp.

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, the company is striving to achieve new methodologies emanating with environmentally friendly green/zero-emission processes and producing manganese at a lower competitive cost.

We seek Safe Harbor.

http://www.manganesexenergycorp.com/pressreleases