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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Mirage Energy Corporation    MRGE

MIRAGE ENERGY CORPORATION

(MRGE)
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Mirage Energy Corporation and Northern Hemisphere Logistics, Inc. Sign $4 Billion Debt Financing With Bluebell International, LLC for Development of Three Projects Including Pipelines, Natural Gas Storage and Isthmus Corridor Project

06/17/2020 | 07:01am EST

SAN ANTONIO, June 17, 2020 (GLOBE NEWSWIRE) -- MIRAGE ENERGY CORPORATION (OTC Pink: MRGE) / NORTHERN HEMISPHERE LOGISTICS, INC. (www.mirageenergycorp.com) announces it has signed a $4 Billion debt facility with the family office of Bluebell International, LLC’s (BBI) family office, (www.bluebellfunding.com) for the development of natural gas pipelines, underground natural gas storage and the Isthmus Corridor Project.

The company’s pipeline, interconnected with Whitewater Whistler, provides an inexpensive natural gas supply for Mexico through a new 42-inch pipeline to be built from Agua Dulce/ Banquette Hub to Progresso then into Mexico. From there, natural gas can be stored underground (once developed) or sent to Station #19 on the Sistrangas system, with a 42-inch line going on to Los Ramones and an interconnect to the San Fernando/Cactus line, which would bring natural gas all the way to Nuevo Pemex on the Yucatan Peninsula.

When fully developed, Mirage’s natural gas storage facility will be the largest natural gas storage facility on the North American continent with the ability to hold 786BCF of natural gas, giving the country of Mexico a six-month’s supply in the event natural gas is interrupted – a strategic asset for the country.

The Isthmus Corridor project consists of a series of pipelines and storage facilities in Mexico connecting the Port of Pajaritos on the Gulf of Mexico side to Salina Cruz on the Pacific side. The pipelines will provide a faster, more economical means of delivering crude oil and refined products from the U.S. to Asia, Mexico and the west coast of the U.S. Compared to using the Panama Canal or the Cape Horn route. Using this route saves 36 days of true shipping time to Asia, for example.

“One of the biggest problems in oil and gas transportation is the logistical dilemma posed by Supertankers that cannot fit through the Panama Canal, thereby reducing access to the Pacific Ocean or forcing them to take the hazardous and expensive journey around Cape Horn,” said Michael Ward, President and CEO of Mirage Energy. “The Isthmus project is a logical and far more economical alternative, and we are pleased that the family offices of Bluebell International have agreed to partner with us.”

The three projects comprise the following:

  • Mirage 1 – Burgos Hub Storage & Natural Gas Pipeline, a US-Mexico development consisting of cross-border transportation and the first underground natural gas storage facility in the country of Mexico.
  • Mirage 2 – SAN FERNANDO/CACTUS – 48-inch natural gas pipeline running from Reynosa, Mexico to Nuevo Pemex.
  • Mirage 3 – ISTHMUS CORRIDOR – 30-inch and 48-inch bi-directional crude oil pipeline across the Tehuantepec Isthmus of Mexico (connecting the Atlantic and Pacific Oceans).

The terms of the loan include an equity split of 75% to BBI and 25% is no cost to Mirage Energy/Northern Hemisphere Logistics, Inc.

FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements. These statements relate to future financial performance. We intend that such forward-looking statements be subject to the safe harbors for such statement. 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 represent 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.

Contact:
Michael Ward, CEO
210-858-3970

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b28fc22-7095-4369-8249-dc639674fd85

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map of Mirage Energy's Pipeline Infrastructure

© GlobeNewswire 2020
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Financials (USD)
Sales 2020 - - -
Net income 2020 -5,35 M - -
Net Debt 2020 0,24 M - -
P/E ratio 2020 -14,5x
Yield 2020 -
Capitalization 174 M 174 M -
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 5
Free-Float 48,5%
Chart MIRAGE ENERGY CORPORATION
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Mirage Energy Corporation Technical Analysis Chart | MRGE | US60463B1098 | MarketScreener
Income Statement Evolution
Managers and Directors
NameTitle
Michael R. Ward Chairman, President, CEO, CFO & CAO
Soll Sussman Director
Alejandro Amelio Director
Patrick C. Dosser Vice President
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