Minecorp Energy Ltd. announced that it has entered into a letter of intent with Magnum Manufacturing, LLC, wherein the parties intend form a joint venture to conduct international business development of Magnum's tubular running and drilling equipment and technology via a proposed Joint Venture Partnership in Mexico and other mutually agreed countries. The proposed joint venture between Magnum and Minecorp will be structured on the growing demand in the oil and gas market for Magnum's innovative products and its industry expertise. The contributions by each party include, but are not limited to, the following: Magnum: Shall supply the trained operational personnel and industry contacts; shall provide research and development, quality control and quality assurance of its equipment, for installation/running, reaming and/or drilling; and shall provide technology information for international government affairs and approvals for implementation for its Licensee in Mexico, as needed.

Minecorp: Shall provide financing for international business development in Mexico proportionate to its share of ownership of the joint venture; and shall assist with international business development in Mexico, as needed, including sales and marketing, logistics, government affairs, global import and export, trade and manufacturing of Magnum technologies. With both parties having substantially completed due diligence, Minecorp and Magnum will now proceed with the negotiation of a formal joint venture agreement. While final terms to be settled, the current understating of the Parties is that Magnum will contribute up to $11,000,000 in oilfield services equipment for a 40% interest in the joint venture while Minecorp will provide up to $8,000,000 in funding to the joint venture, of which approximately $4,000,000 would be required in the first year, for a 60% interest in the joint venture, Minecorp anticipates such funding to be by way of a combination of equity and debt financing.