Nextraction Commences Drilling Operations in ProvostMay 30, 2012
Calgary, AB - Nextraction Energy Corp. (TSX-V: NE) (the "Company” or “Nextraction”), is pleased to announce that drilling operations for a second horizontal well have commenced on its Provost Viking light oil property in eastern Alberta. The Company is operating the drilling and completion of the well on its 50% working interest lands. The horizontal well will target the Viking formation at a depth of 800 meters, and will include a 600 meter horizontal leg. The well is offset by two of the best producing vertical wells in the pool and is being drilled in close proximity to the Company’s recently constructed multi-well oil battery.
Nextraction is preparing for an active capital program on the Provost property during the remainder of 2012. The Company plans to drill between 3 and 5 horizontal wells on the property and has identified 35 potential follow up locations to this initial well. The 2012 capital program is currently budgeted between $3,300,000 and $3,900,000. The Company anticipates significant growth in production and cash flow from this program.
About Nextraction Energy Corp.
Nextraction Energy Corp. is a Canadian junior oil and natural gas company engaged in the exploration and development of oil and natural gas resources in the Western Canadian Basin. The Company’s model is the “next round of extraction on known plays.” Nextraction targets oil focused projects along trends with known reserves that provide low risk, high return development opportunities in both conventional and unconventional resource projects.
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