ADDISON, Texas, Aug. 20, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – MDM Permian, Inc. (MDMP) is pleased to announce the following Operations Update:
Management consolidates oil/gas production plays in Texas Permian Basin
In order to streamline operations and focus full attention to the Permian Basin, MDM Permian, Inc. (MDMP) has elected to completely shut down all activities in the Illinois Basin. This includes abandoning the permitted Kincaid #1 oil well location and leases.
It would be financially unreasonable to continue with the operation of one or two wells in Illinois while attempting to build a major presence in the Texas and New Mexico portions of the Permian Basin.
MDM Permian, Inc. is currently engaging in the leasing of 18,000 acres of prime oil and gas leases in the Southern Midland Basin. The prospect has been assessed with over 80 million barrels of producible reserves.
The company is also currently involved in conducting due diligence for the purchase of producing oil and gas properties located throughout the Permian Basin.
In accordance with our business plan and subsequent to our consolidation of efforts to the Permian Basin, MDM Permian, Inc. (MDMP) has initiated the leasing of certain areas of Irion County. These leases will consist of the first sections of our 18,000 acres effort in the Southern Midland Basin.
We have engaged a group of landmen based in Midland Texas to assist with the courthouse documentation as well as direct contact with the mineral owners of record.
About MDM Permian Inc.
Based in Addison, Texas, MDM Permian, Inc. is a publicly-traded energy company with interests in oil and natural gas wells, minerals and prospects. The Company’s business plan includes building value through reserves and production in the Permian Basin of Texas.
Safe Harbor Act: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
For additional information, view the company’s website at www.mdmpermian.com or contact MDM Permian, Inc. at (214) 651-9900