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MGM gives up Mackenzie Delta conventional licenses

A corrected version of this story was posted June 4.

MGM Energy Corp., Calgary, said it has surrendered exploration licenses in Canada’s Mackenzie Delta region, where the company had been exploring for conventional gas for the proposed Mackenzie gas pipeline.

MGM Energy has turned back EL 456, EL 457, EL 450, and EL 459, currently scheduled to expire in January 2016, and consolidated EL 461, which is scheduled to expire in June.

With the surrender, MGM Energy is relieved of its obligation to fulfill its commitments relating to the licenses, including $6.3 million that was due to be paid in June.

The relinquished licenses are in the islands region of the Beaufort/Mackenzie Delta southwest of Tuktoyaktuk, and are 700 km northwest of and unrelated to the company’s Canol shale play in the Central Mackenzie Valley, where MGM Energy continues to pursue its opportunities.


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