SAN ANTONIO, Nov. 08, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- MIRAGE ENERGY CORPORATION (MRGE) announces it has entered into a non-binding memorandum of understanding for reserved capacity on its planned natural gas pipeline connecting Texas mainlines to México’s national pipeline grid, SISTRANGAS.
The memorandum of understanding with TrailStone NA Asset Holdings, LLC (“TrailStone”) sets out the terms on which TrailStone can purchase 150,000 MMBtu per day of reserved capacity for 10 years at a fixed tariff for the transportation of natural gas from the Banquete / Agua Dulce area to Station 19 and Los Ramones interconnection points on SISTRANGAS in México. TrailStone is a partner in the recently commissioned Banquete Header as well as the commercial operator of that facility.
Mirage is planning a 42-inch diameter pipeline system that is being developed concurrently in four sections: (i) a 46.2-mile bi-directional pipeline known as the Concho Extension connecting pipelines in the Banquete / Agua Dulce area to Falfurrias, Texas, where an additional interconnect to Transco is being considered; (ii) a 93.9-mile bi-directional pipeline known as the Concho Line connecting the Concho Extension to a new international crossing at the México border near Progreso, Texas, known as the Progreso Crossing; (iii) a 36-mile bi-directional pipeline known as the Progreso Pipeline connecting the Progreso Crossing to PEMEX’s Station 19 in México; and (iv) a 67-mile bi-directional pipeline known as the Progreso II Extension connecting the Progreso Pipeline at Station 19 to the Los Ramones interconnect in México. A 14-mile bi-directional pipeline known as the Storage Line connecting the Progreso Crossing to the Brasil Storage Field in Tamaulipas, México is also being contemplated.
Mirage, through its wholly owned subsidiaries, anticipates commencing final development work in early December 2018 with a view toward receiving required United States and México permits and authorizations in 3Q2019. The company has completed the necessary engineering and design of the pipeline. The alignment for the pipeline has also been substantially completed and Mirage is in the process of securing right-of-way agreements.
This press release contains forward-looking statements. These statements relate to future events or our future financial performance. We intend that such forward-looking statements be subject to the safe harbors for such statements. 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 judgment 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.
Formed in April 2013, TrailStone is a global commodities trader and an investor in strategic energy assets. As a trader, TrailStone uses its capital on a proprietary basis to buy and sell physical commodities, and it leverages its know-how in asset optimization and logistics, and its access to the physical markets, to trade financial commodities. As an investor, TrailStone uses its industry expertise and private equity backed capital base to invest in and develop strategic commodity assets. TrailStone has offices in Austin, Berlin, Kiev, London and New York. For more information, please visit www.trailstonegroup.com.
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