With a market capitalization of $21 million CAD, MGX Minerals Inc. (CSE: XMG; Frankfurt: 1MG, WKN: A12E3P) today announced a crucial agrrement with the operating oil company of the Sturgeon Lake Oilfield in Alberta.
The Agreement covers water sampling at the wellhead and central collection points, and lays the groundwork for future cooperation between MGX and the operator of the Sturgeon Lake Oilfield: Canadian Natural Resources (NYSE: CNQ; Frankfurt: CRC, WKN: 865114). With a current market capitalization of $37 billion USD, this major oil and gas company already has significant infrastructure in place. MGX owns the Industrial and Metallic Mineral Permits over almost 133,000 hectares in Alberta, including large parts of the Sturgeon Lake Oilfield.
The agreement covers water sampling at the wellhead and central collection points and lays the groundwork for future cooperation between MGX and the operator. In mid-November, MGX reported to have completed by 50% its pilot processing plant, which should be near completion by now.
Sampled brine from the Sturgeon Lake Oilfield will be processed once the pilot plant is ready. With a capacity of 12,000 liters per day, the pilot plant can be upgraded (modular) to a commercial capacity of 1.2 million liters per day (in case the pilot plant proves successful).
MGX Minerals Inc.
#303 - 1080 Howe Street
Vancouver, BC, Canada V6C 2T1
Phone: +1 604 681 7735
Shares Issued & Outstanding: 55,011,508
Canadian Symbol (CSE): XMG
Current Price: $0.38 CAD (12/08/2016)
Market Capitalization: $21 million CAD
German Symbol / WKN (Frankfurt): 1MG / A12E3P
Current Price: €0.243 EUR (12/08/2016)
Market Capitalization: €14 million EUR
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