Nextraction Drills As Planned And Sets Production Casing On The Initial Pinedale Well, WyomingFebruary 16, 2010
Vancouver, BC... Nextraction Energy Corporation (TSX-V: NE) (the "Company") announced that its wholly-owned subsidiary, Nextraction Energy (US) Inc. ("Nextraction"), has drilled the Noble 6-24 well to total measured depth of 4543.34 meters (14,906 feet) and has set production casing as originally planned. Mark S. Dolar, President of Nextraction states: "We are pleased to report Nextraction's first well was successfully drilled to target depth, including a 914.4 meter (3,000 foot) deviated drilling program, on time and on budget. We have encountered the targeted sand packages in the Tertiary, Lance and Mesaverde formations that, based on both electric logs and mud logs, support the presence of gas in these sand packages. In addition the sand packages appear to be overpressured which is consistent with nearby Pinedale Anticline wells. Cementing of the production casing (as the first stage of completion activities) has been successfully completed."
Nextraction personnel, and their third party consultants, are conducting detailed electric and mud log analysis in preparation for the perforation and fracing of the prospective gas bearing sand packages that have been encountered in the well. In addition a complete set of logs will be delivered to MHA & Associates Inc. for initiation of a NI 51-101 evaluation study of potential reserves. (MHA & Associates conducted the previous study of the project prior to initiation of this drill program).
Nextraction's partner at Pinedale is Vantage Energy, LLC, an experienced operator in the region. (See Press release dated October 8, 2009 for the background and details of the arrangements with Vantage). Wells at Pinedale and the adjoining Jonah field are some of the most productive gas wells in the
The immediate next steps for Nextraction are to analyze the gas bearing zones to design and estimate the best scale of investment into the fracing and completing the well. An update will be provided over the next few weeks.
About Nextraction Energy Corp.
Nextraction Energy Corp. is a Canadian junior oil and gas company engaged in the exploration and development of conventional and unconventional oil and gas resources. Nextraction focuses on areas that have large scale potential where the Company can utilize its exploration and recovery expertise to competitive advantage. The Company is headquartered in
On behalf of the Board of Nextraction Energy Corp.
"Mark S. Dolar"
President and CEO
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