VANCOUVER, Jan. 30, 2017 /CNW/ - MGX Minerals Inc. ("MGX" or the "Company") (CSE: XMG / FKT: 1MG / OTC: MGXMF) is pleased to announce that Mr. Marc Bruner, a leader in the development of unconventional oil and gas projects throughout North America and internationally, will serve as Chairman of the Board for MGX Minerals as well as direct petro lithium (lithium and oil) acquisitions and development for the Company's wholly owned subsidiary, PetroLithium Corporation of America.
"MGX is the first Company to separate lithium from oil well wastewater. I am excited about bringing my experience in the unconventional oil and gas business into a new industry where creative thinking is required. Being first positions MGX to be the growth leader in this energy industry paradigm shift," stated newly appointed MGX Chairman Marc Bruner.
As previously announced, MGX and engineering partner PurLucid Treatment Solutions ("PurLucid") have successfully extracted lithium from oil sands wastewater (see press release dated January 3, 2017). The Company and PurLucid are now preparing for deployment of the pilot plant shortly with commercial scale deployment expected during the second half of 2017. MGX's patent pending lithium extraction process, which potentially reduces recovery times of lithium and other valuable minerals from 18 months to one day, compared with conventional lithium extraction.
Mr. Bruner joins Dr. Larry Marks (Geophysics), formerly of Royal Dutch Shell and Shell Oil Canada, as well as Mr. Claudio Manissero, formerly of FMC Lithium and Dr. Preston McEachern, Chief Scientist, on the PetroLithium Corporate Team.
Over the past 30 years, Mr. Bruner has founded and held directorships with numerous oil and gas companies, making him a leading expert in unconventional oil and gas development in North America and internationally.
Mr. Bruner was previously the Chairman and CEO of Falcon Oil & Gas Ltd. and served as Ultra Petroleum's founding Chairman where he was involved in developing the Pinedale Anticline in Wyoming, which is now recognized as one of the largest unconventional natural gas fields in the United States. While serving these companies, Mr. Bruner oversaw negotiations and contracts with global oil and gas companies including Halliburton, Exxon Mobil, Questar Gas and Hess Corporation. Previously, Mr. Bruner founded Pennaco Energy Inc. to explore and develop coal bed methane properties in the Powder River Basin of Wyoming and Montana. In March 2000, the company was sold to Marathon Oil for US $550 million.
Mr. Bruner established Ultra Petroleum in 1996 to develop the unconventional oil and gas project in Wyoming known as the Pinedale Anticline, one of the largest natural gas fields in the United States. During his tenure as Chairman of the Board, Bruner conceived and negotiated 37 different contracts that formed the core value and principal asset base of Ultra Petroleum Corp. During his tenure Mr. Bruner grew Ultra to a market capitalization in excess of $7B and completed deals with global oil and gas companies including Halliburton Corporation, Burlington Northern, and Questar Gas.
Mr. Bruner founded Pennaco Energy Inc. to explore and develop coal bed methane properties in the Powder River Basin of Wyoming and Montana in 1997. In March 2000, the company was sold to Marathon Oil for US $550M, having grown from an initial capitalization of US $1M.
After founding Falcon Oil & Gas in 2005, Bruner served as the company's President and Chief Executive Officer until 2010 and oversaw its market capitalization rise to in excess of $3.7B. In 2011, Mr. Bruner established Australian-based Paltar Petroleum. The unconventional oil and gas exploration and development company is focused on exploiting its assets in the Beetaloo Basin undeveloped shale deposits.
"It is with great pleasure that we welcome Mr. Bruner to the Company and position of Chairman of the Board of MGX as well as Director of Lithium and Oil acquisitions for PetroLithium Corporation of America," said MGX President and CEO Mr. Jared Lazerson. "Mr. Bruner is one of the original developers of the unconventional oil and gas business and is a rare breed of visionary businessmen able to recognize and advance fundamental paradigm shifts in the energy industry. Among many other assets, in the past 20 years Mr. Bruner built Ultra, Falcon, and Pennaco, an unrivaled achievement in the unconventional energy industry."
As compensation Mr. Bruner has the right to acquire up to 17% of the Company over a two-year period, based on current outstanding shares, by achievement of milestones and maintenance of responsibilities. The initial stock vesting will occur in May 2017 and thereafter every three months.
About MGX Minerals
MGX Minerals (CSE: XMG) is a diversified Canadian mining company engaged in the development of large-scale industrial mineral portfolios in western Canada and the United States. The Company operates lithium, magnesium and silicon projects throughout British Columbia and Alberta as well as petro lithium exploration in Utah. MGX recently released a maiden N.I. 43-101 compliant mineral resource estimate for its Driftwood Creek magnesium project, which outlined 8.3 million tonnes grading 43.31% magnesium oxide. In January the Company received a 20-year Mining Lease for Driftwood Creek. Additionally, the Company is the largest lithium brine land holder in Canada, controlling nearly 487,000 hectares of land representing over one million barrels of brine production per day. For further information, please visit the Company's website at www.mgxminerals.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements including the completion of the rights offering (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
SOURCE MGX Minerals Inc.
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For further information: Jared Lazerson, Chief Executive Officer, Telephone: 1.604.681.7735, Email: [email protected]