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Manganese X Energy to acquire 15% stake in oil company

Manganese X Energy Corp. said March 9 that it agreed to acquire a 15% stake in a privately owned Canadian oil and gas company.

The private company will be named at a later time as it is currently involved in property acquisition talks.

Manganese Energy believes the planned investment will generate dividends as it works to develop the Battery Hill manganese project in New Brunswick. According to the company's website, Battery Hill comprises 55 claims covering 1,228 hectares and encompasses all or parts of five manganese-iron zones including Iron Ore Hill, Moody Hill, Sharpe Farm, Maple Hill and Wakefield.

The company expects to finalize the agreement in the coming weeks.