SAN ANTONIO, March 27, 2019 /PRNewswire/ -- MIRAGE ENERGY
CORPORATION (OTC: MRGE) (the "Company") announces it has entered into a binding memorandum of understanding ("MOU") for the
funding of its planned Concho/Progreso Pipeline and Natural Gas Storage facility connecting
Texas to Mexico's national pipeline grid, SISTRANGAS (the
"Project"). The binding MOU is with Organization Mondiale De development, a company registered in France
("OMD"). It is the Company's belief that the MOU will not become binding until OMD's "good will deposit" of $15,000,000 is paid to the Company.
The MOU sets out the terms of the proposed funding and participation in the Project. Under the MOU, Mirage proposes to
sell 100% of its participation interest in the "Project" to OMD in exchange for its promise to fund the Project's
estimated $1,200,000,000 cost. OMD will offer Mirage a Five (5.0%) carried equity
participation interest which will be characterized as Mirage's put option interest in the Project. At the time, Mirage
would exercise this put option, OMD would pay Mirage the sum of $16,000,000. The proposed
Project funding would include eight tranches of $150,000,000 USD each payable at 30-day
intervals commencing on, or about April 15, 2019 . The closing of the proposed transaction is
subject to the execution of definitive documents. In the event the transaction fails to close due to Mirage's fault, Mirage
will be required to refund the good will deposit. In the event the transaction fails to close due to OMD, Mirage will be
entitled keep a portion of the deposit, not to exceed $10,000,000.
The project is designed to bring natural gas from the Banquete/Agua
Dulce area to Station 19 and Los Ramones interconnection points on SISTRANGAS in
Mexico coupled with access to the planned Brazil Field Natural Gas Storage Facility.
Mirage is planning a 42-inch diameter pipeline system that is being developed concurrently four sections: (i) a 46.2 mile
bidirectional pipeline known as the Concho Extension connecting pipeline in Banquette/Agula Dulce area to Falfurrias, Texas, where an additional interconnection to Transco in 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
Mexico 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
CENAGAS STATION 19 in Mexico: 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
Mexico. A 14-mile bi-directional pipeline known as the Storage Line connecting the Progreso Crossing to the Brazil Storage
Field in Tamaulipas, Mexico is also contemplated.
Mirage, through its wholly owned subsidiaries, anticipates commencing final development on the April 1,
2019 with a view toward receiving required United States and Mexico permits and authorizations in 3Q 2019. The company has completed the necessary engineering and
design of the pipeline and the natural gas storage field. The alignment for pipeline has also been substantially completed
and are in the process of securing rights of way.
WHERE YOU CAN FIND MORE INFORMATION
The Company intends to file a Current Report on Form 8-K with the Securities and Exchange Commission under Regulation Fair
Disclosure. The information in this Press Release should be read together with the disclosures contained in the Current
Report. This report will include additional details of the proposed transaction including a copy of the
MOU. See: https://www.sec.gov/cgi-bin/browse-edgar?company=mirage+energy&owner=exclude&action=getcompany
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward looking statements include the words "proposed" ,
"planned", "belief", "designed" and "anticipates". 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.
CONTACT:
MICHAEL R. WARD
210-858-3970 OFFICE
210-837-4747 CELL
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SOURCE MIRAGE ENERGY CORPORATION