Morgantown, West Virginia, Jan. 30, 2017 (GLOBE NEWSWIRE) — Majestic Oil & Gas Inc. (OTC PINK: MJOG) (“Majestic” or the “Company”) an oil and natural gas developmental company, announces today that it has entered into a letter of intent to acquire a Bakken Acquisitions and Investment Corp., which holds the rights to an exclusive global license for a patented remediation product.
Majestic is also pleased to announce the appointment of Phillip Malkemes as its President and member of the Board of Directors. Mr. Malkemes has been a successful business development manager for well over twenty years and is looking forward to bringing Majestic into a new era involving hydrocarbon contaminated groundwater remediation processes.
Mr. Malkemes has negotiated a letter of intent for the acquisition by the Company through a share exchange agreement of Bakken Acquisitions and Investment Corp., a private Nevada corporation (“Bakken”), resulting in Bakken becoming a wholly owned subsidiary of the Company. Bakken holds the right, title and interest in and to an exclusive global license regarding a patented remediation product to cleanup hydrocarbon-contaminated groundwater.
The letter of intent involves a remediation product known as Dissolved Oxygen Releasing Agent (DORA™). Mr. Malkemes believes that DORA™ product is significantly less expensive and just as effective as the leading competing products in the U.S. $25 billion bioremediation market. Mr. Malkemes stated that “this presents a great opportunity for the Company in the U.S. market alone. The licensing of the DORA™ product is sure to help bring hydrocarbon remediation as Majestic’s operational focus and provide a format for positive financial results and good things to come”. Mr. Malkemes further stated that “DORA has been lab tested against Regenesis’s ORC and the lab results were very encouraging. Majestic intends to move forward into the phase of acquiring white paper studies to further enhance its capabilities.”
The EPA has already mandated the cleanup of two types of primarily hydrocarbon-contaminated sites. The EPA has first identified approximately 74,000 Leaking Underground Storage Tanks (LUST) with a potential market opportunity for DORA™ of $2 billion. Additionally, the EPA has identified approximately 225,000 “Brownfields” sites that are likely impacted by petroleum hydrocarbon contaminates from oil field waste, above-ground storage tanks, refineries or pipelines with a potential market opportunity for DORA™ of $24 billion.
Management is working to complete a binding definitive agreement regarding the acquisition of Bakken into Majestic, which result with Bakken as its wholly owned subsidiary.
Except for historical information contained herein, the matters set forth above may include forward-looking statements that involve certain risks and uncertainties. Words such as “may”, “could”, “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements. Majestic does not undertake any obligation to update any forward-looking statements and cautions investors to consider all other risks and uncertainties, including those disclosed in Majestic’s filings with OTC Markets.
CONTACT: Phillip Malkemes President-Majestic 724-531-1503