Given the scope of the work required to ensure that we remain in compliance with the lease obligations and satisfy a range of regulatory requirements, the Company is targeting a spinout or disposition of the oil and gas assets for early Q1 2022 pending process approvals by all parties involved. This team is already consulting to OilCo and operating the Orogrande project and has been very valuable to our efforts during the drilling process. META is in the process of finalizing permanent arrangements with a completely new management team for OilCo who bring significant experience in oil and gas exploration as well as specific experience in the Orogrande region. (the "OilCo"), a newly formed wholly owned subsidiary of META, ensuring that the OilCo capital structure supports a spinout and, making any necessary filings with the SEC. This work includes, but is not limited to, formal transfer of the assets to OilCo Holdings, Inc. The Company believes that, upon completing the work on these four wells, META will be in compliance with all aspects of its lease obligations, and the CDC (Continuous Drilling Clause) with University Lands on the Orogrande project will be satisfied.Ĭompletion of this work will, the Company believes, enable us to move to the next steps in the spinout process for these assets. As part of our December update, the operations are well underway, and the drilling is on track for completion later this month. We indicated that four wells must be drilled in the Orogrande project in 2021 to enable the Company to hold the lease for sale or spinout. In conjunction with the release of Q3 and nine-month 2021 financial results on October 15, 2021, META provided an update on the Company's oil and gas assets and operations. (the "Company" or "META®") (NASDAQ:MMAT, FSE:MMAT) a developer of high-performance functional materials and nanocomposites, today provided an update on the special Series A Preferred Stock dividend in relationship to the oil and gas assets and the planned sale or spinout of these assets for the benefit of the Series A preferred stockholders. HALIFAX, NS / ACCESSWIRE / Decem/ HALIFAX, NS / ACCESSWIRE / Decem/ Meta Materials Inc.
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