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MCF Energy Gains Exchange Approval for German Natural Gas Acquisition
MCF Energy Gains Exchange Approval for German Natural Gas Acquisition Canada NewsWire ...
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[{"type":"text","content":"\n \n \n \n MCF Energy Gains Exchange Approval for German Natural Gas Acquisition\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Feb. 9, 2023\n \n \n /CNW/ -\n \n MCF Energy Ltd\n \n . (TSXV: MCF); (FRA: DC6); (OTCPK: MCFNF) (\"\n \n MCF Energy\n \n \" or the \"\n \n Company\n \n \") MCF Energy is pleased to announce that it has received approval from the TSX Venture Exchange to acquire a 50% interest in the Reudnitz natural gas prospect in\n \n Germany\n \n (\"Reudnitz\"), allowing the Company to start work programs in the region. This acquisition is part of MCF Energy's efforts to strengthen\n \n Europe's\n \n energy security through its joint venture with Genexco GmbH (\"Genexco\"), as announced on\n \n January 3, 2023\n \n and\n \n November 29, 2022\n \n .\n \n \n The Reudnitz natural gas prospect is a confirmed and significant development asset located in a rural area 70 km southeast of\n \n Berlin\n \n . Discovered in 1964, it holds multiple hydrocarbon zones and is currently in the planning phase of development with a production license application already submitted. Reudnitz contains untapped discoveries in the Permian Rotliegend Sandstone (for natural gas) and the Zechstein Carbonate (for oil) reservoirs. These types of reserves are well known in the region, with oil production taking place at the nearby Guhlen-1 discovery and natural gas being produced in similar aged reservoirs in both\n \n Germany\n \n and neighboring\n \n Poland\n \n . In addition to the oil and gas, the Reudnitz discovery and on-site prospects also have the potential for helium recovery.\n \n \n The Company and Genexco are finalizing an agreement whereby MCF Energy will acquire all of Genexco's outstanding shares, previously announced on\n \n January 23, 2023\n \n . This acquisition will establish MCF Energy as a future leader in natural gas exploration in\n \n Germany\n \n , with an accomplished local team, and 100% ownership and operatorship of Genexco's assets, including Reudnitz. Several additional asset ap...