Saskatoon, Saskatchewan - TheNewswire - December 16, 2019 - Aurex Energy Corp. ("AURX" or the "Company") (TSXV:AURX) today announced that it has signed, through its wholly-owned US subsidiary, an agreement (the "Agreement"), with a private, arms-length third-party ("Partner"), to re-work a selected number of natural gas wells located in the Barnett Shale, Fort Worth basin, Texas, USA. The re-work program is expected to start immediately.
As disclosed in a news release dated October 8, 2019, the Partner will contribute US$2.5 million to the project to re-work shut-in natural gas wells, bringing them back into commercial production. Under the terms of the Agreement, the Partner will earn a 60% interest in net cash-flows from natural gas production from a selected number of natural gas wells, as defined in the Agreement.