CISCO, TX--(Marketwired - October 20, 2015) - Northern Minerals & Exploration Ltd. (OTCQB: NMEX) ("Northern" or the "Company") Further to the Company's news release of August 11, 2015, whereby Northern announced that it has commenced commercial production on the Coleman County lease in central Texas. In August, shortly after commencing production on the lease, the production of oil was suspended as it was evident additional repairs were required to the tank battery. This work has been completed and was successful in making repairs. The successful completion of this work allows for steady production of oil and gas from the wells on the lease.
Subsequent to completing repairs on the tank battery, October 12, 2015, Northern re-started production of oil and gas from one of the three wells (the Concho Richey #1) on the lease. Over the course of five days from October 12 to October 16, this well produced 224 barrels of oil and averaged 100 MCF gas per day.
The Concho Richey #1 is a direct offset to a well on an adjoining lease that has produced more than 65,000 barrels and 160 million cubic feet of gas and is still producing oil and gas after 30 years.
With oil and gas production once again underway, Northern is continuing to make further sales of oil and gas from the Coleman County lease. Once the Concho Richey #1 oil and gas production rate stabilizes, the other two wells which are set for production on the lease will be brought into production. This lease offers further upside potential with spacing allowable for the drilling of additional oil and gas wells.
With the establishment of production and cash flow from operations on the Coleman County, Texas lease, the Company looks forward to commencing operations on its other central Texas Oil and Gas projects.
Northern in keeping in line with its corporate strategy, continues to evaluate additional oil and gas projects for participation in and/or acquisition of, that offer low risk with significant upside potential, to maximize the Company’s success in building shareholder value from oil and gas revenues.
For further information on Northern and its oil and gas projects please review the Company's website at www.northernmineralsexploration.com or the Company's filings at www.otcmarkets.com . For investor relations please call 1-239-596-0567.
About Northern Minerals & Exploration Ltd. (NMEX)
Northern Minerals & Exploration Ltd.is a natural resource company focused on both domestic and international exploration and development projects. The Company is dedicated to building cash flow from oil and gas production in central Texas.
Forward Looking Statements: Statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," "seeking," and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward looking statements. The information herein is subject to change without notice. Northern Minerals & Exploration Ltd. shall not be liable for technical or editorial errors or omissions contained herein.
Source: Marketwired (Canada)
(October 20, 2015 - 12:01 PM EDT)
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