DALLAS, TX / ACCESSWIRE / December 11, 2019 / Gemini Group Global Corp. (OTC PINK:GMNI) today announced they have entered into a letter of intent and master purchase agreement with Flintrock Resources Management Inc. The agreement pertains to the purchase of working interest (WI) in the exploration and production of minerals focusing specifically in oil and gas. Flintrock Resources Management Inc. will be the main operating company delivering Net Revenue Interest (NRI) to Gemini Group Global Corp. The companies collectively will be focused on offset drilling in proven properties that are located in the Midland and Permian Basin respectively.
Subject to the negotiation and execution of a definitive agreement, the initial project Gemini Group Global Corp. (OTC:GMNI) will focus on collectively is the Lohn Prospect. The Lohn Prospect is roughly 219 acres on the eastern shelf of the Midland Basin Located in McCulloch County, TX with proven reserves of 116 Million Barrels of Oil (MBO). The areais prolific with formations that include the Pennsylvania (Strawn), Morris, and Llano uplift. Gemini Group Global Corp. (OTC:GMNI) is expected to commence investing in drilling operations in the Lohn Prospect in the first quarter of 2020. The drilling program consists of up to Ten offset wells with an average depth of roughly 1300 feet.
“We are excited to be working with Flintrock Resources Management Inc. as the company moves forward with our focus on sustainable growth for our shareholders. Flintrock Resources has a proven track record of success in Texas and we feel confident that together we will create real value andrevenue for the shareholders of Gemini Group Global Corp”.
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SOURCE: Gemini Group Global Corp.
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