MIRAGE ENERGY CORPORATION (OTC PINK: MRGE) Announces the Successful Submittal of its Field Nomination for Mexico's Strategic Storage Project

Mirage Energy Corporation

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MIRAGE ENERGY CORPORATION (OTC PINK: MRGE) Announces the Successful Submittal of its Field Nomination for Mexico's Strategic Storage Project

Friday, July 27, 2018 8:00 AM

SAN ANTONIO, TX / ACCESSWIRE / July 27, 2018 / Mirage Energy Corporation (OTC PINK: MRGE) announces the successful completion and submittal of its field nomination to CENAGAS for Mexico's Strategic Storage Project.

On March 26th of this year, SENER published the Public Policy on Natural Gas Storage. This Policy mandates the Centro Nacional de Control del Gas Natural (CENAGAS) to establish a strategic national reserve inventory of at least 45 BCF of natural gas by 2026 to cover 5 days of projected demand for the year 2029. In response to this Policy, CENAGAS, in conjunction with the Comisión Nacional de Hidrocarburos (CNH), developed the country's first Strategic Storage Project bidding process. Phase I included opening a data room for interested companies to access data on four depleted reservoirs that have been deemed economically unviable by CNH for the extraction of residual hydrocarbons. The project is currently in Phase II, which is the nomination process. Nominations are due by July 30, 2018 at which time CENAGAS will analyze the nominations received and select the field that optimizes national energy security for Mexico. Following selection of the first field to proceed to development of storage for strategic national reserves, the project will enter Phase III, which is where CENAGAS will prepare the bidding rules and, upon approval from the Comisión Reguladora de Energía (CRE), publish the call for bids.

Over the past year, Mirage Energy has been working with CENAGAS, CNH and SENER to prepare for the bidding process. Mirage has completed all of the engineering and technical documents needed and are awaiting the completion of the nomination process and subsequent call for bidding.

On June 1, 2018, Mirage engaged Whitehall & Company LLC, a leading financial advisory firm with a proven multi-billion dollar track record in North American energy project finance. In cooperation with Whitehall, Mirage Energy is currently evaluating several partnership opportunities. For more information on Whitehall, please visit: www.whitehallandcompany.com.

FORWARD-LOOKING STATEMENTS

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.

SOURCE: Mirage Energy Corporation


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