Mirage Energy Corporation also announces the acquisition of 4Ward Resources, Inc., which was completed on January 24, 2017. By acquiring 4Ward Resources, Inc., Mirage Energy Corporation enters the natural gas pipeline and natural gas storage business. The company intends to develop an integrated pipeline and natural gas storage facility in Mexico and the United States.
The company and its wholly owned subsidiaries are in the process of applying for and obtaining the necessary permits in Mexico and the United States.
This infrastructure consists of the following components:
PROPOSED PROGRESO PIPELINE: This system includes 27 miles of 36" diameter pipe operated by WPF MEXICO PIPELINES, S. de R.L. de C.V. This pipeline has the capacity to move 500 million cubic feet per day to compressor stations or Mexico end-user markets.
PROPOSED ARGUELLES PIPELINE: This system consists of 84 miles of 36" diameter pipeline operated by WPF MEXICO PIPELINES, S. de R.L. de C.V. This pipeline also has the capacity to move 500 million cubic feet per day to compressor stations or Mexico end-user markets.
MEXICO UNDERGROUND NATURAL GAS STORAGE:
PROPOSED NATURAL GAS STORAGE: This facility is to be the first underground storage facility in the country of Mexico. This storage will allow the country of Mexico to balance peak loads by consumers, as well as the ability to play price arbitrage on natural gas. Additionally, Mexico will be able create a Natural Gas Hub for pricing rather than having to buy natural gas on spot market. This facility is a depleted natural gas reservoir with the ability to store 786 BCF (Billion Cubic Feet) of natural gas. When fully developed, this storage will give the country a secure natural gas supply for one year in the event all gas supplies were shut off for any reason.
This storage facility will have 70,000 BHP of compression with 14 compressors for injection of gas into the reservoir. CENOTE ENERGY, S. de R.L. de C.V., will own and operate this facility.
INTERNATIONAL PIPELINE CROSSINGS:
PROPOSED PROGRESO CROSSING: This crossing includes the Presidential Permit for boring underneath the Rio Grand River. It will be permitted as a 40" boring with 36" pipe running underneath the river. WPF TRANSMISSION, INC. will own the pipe on the U.S. side of the river. WPF MEXICO PIPELINES, S. de R.L. de C.V., will own the pipe on the Mexico side of the river.
PROPOSED ARGUELLES CROSSING: This crossing includes a second Presidential Permit for boring underneath the Rio Grand River. It will also be permitted as a 40" boring with 36" pipe running underneath the river. WPF TRANSMISSION, INC. will own the pipe on the U.S. side of the river. WPF MEXICO PIPELINES, S. de R.L. de C.V., will own the pipe on the Mexico side of the river.
UNITED STATES PIPELINES:
PROPOSED CONCHO: This system includes 95 miles 36" diameter pipeline with the capacity of transporting 500MMCFPD. It will be owned and operated by WPF TRANSMISSION, INC.
PROPOSED COCHISE: This system consists of 68 miles of 36" pipeline with the capacity of transporting 500MMCFPD. WPF TRANSMISSION, INC. will also own and operated this pipeline system.
FORWARD - LOOKING STATEMENTS
This press release contains forward looking statements. These statements relate to future events or our future financial performance. These statements often can be identified by the use of such terms such as "may", "will", "expect", "believe", "anticipate", "estimate", "approximate", or "continue", or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represents management's best judgement as to what may occur in the future. However, forward-looking statements are subject to risk, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
MICHAEL R. WARD
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SOURCE Mirage Energy Corporation