VANCOUVER, BC, Feb. 9, 2023
/CNW/ - MCF Energy Ltd. (TSXV: MCF); (FRA: DC6); (OTCPK:
MCFNF) ("MCF Energy" or the "Company") MCF Energy is
pleased to announce that it has received approval from the TSX
Venture Exchange to acquire a 50% interest in the Reudnitz natural
gas prospect in Germany
("Reudnitz"), allowing the Company to start work programs in the
region. This acquisition is part of MCF Energy's efforts to
strengthen Europe's energy
security through its joint venture with Genexco GmbH ("Genexco"),
as announced on January 3, 2023 and
November 29, 2022.
The Reudnitz natural gas prospect is a confirmed and significant
development asset located in a rural area 70 km southeast of
Berlin. Discovered in 1964, it
holds multiple hydrocarbon zones and is currently in the planning
phase of development with a production license application already
submitted. Reudnitz contains untapped discoveries in the Permian
Rotliegend Sandstone (for natural gas) and the Zechstein Carbonate
(for oil) reservoirs. These types of reserves are well known in the
region, with oil production taking place at the nearby Guhlen-1
discovery and natural gas being produced in similar aged reservoirs
in both Germany and neighboring
Poland. In addition to the oil and
gas, the Reudnitz discovery and on-site prospects also have the
potential for helium recovery.
The Company and Genexco are finalizing an agreement whereby MCF
Energy will acquire all of Genexco's outstanding shares, previously
announced on January 23, 2023. This
acquisition will establish MCF Energy as a future leader in natural
gas exploration in Germany, with
an accomplished local team, and 100% ownership and operatorship of
Genexco's assets, including Reudnitz. Several additional asset
applications in Germany are
underway. The completion of the transaction is expected to take
place within the next two to three weeks, subject to regulatory and
other necessary approvals.
About MCF Energy
MCF Energy believes the answer to Europe's energy security is right beneath the
surface. The Company's goal is to find new natural gas discoveries
in Europe and create wealth for
its stakeholders. MCF Energy has secured interests in two
significant natural gas exploration projects in Austria and Germany and is evaluating additional
opportunities. The Company's leaders have extensive experience in
the European energy sector and are working to develop a cleaner,
cheaper, and more secure natural gas industry as a transition to
renewable energy sources.
For corporate updates, please register to our mailing list at
www.MCFEnergy.com and follow us at www.Twitter.com/MCFEnergy.
Additional information on the Company and the Transaction is
available at www.sedar.com under the Company's profile.
Cautionary Statements:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. The information in this news release about the completion
of the proposed transaction described herein, and other
forward-looking information includes but is not limited to
information concerning the intentions, plans and future actions of
the parties to the transactions described herein and the terms of
such transaction. Factors that could cause actual results to differ
materially from those described in such forward-looking information
include, but are not limited to, risks related to the Company's
inability to perform the proposed transactions.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about the Company's
ability to complete the planned transaction and activities. The
Company has also assumed that no significant events will occur
outside of the Company's normal course of business. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
SOURCE MCF Energy Ltd.