Nextraction Energy Appoints Chief Financial OfficerApril 7, 2011
Vancouver, BC - Nextraction Energy Corp. (TSX-V: NE) ("Nextraction" or the "Company") is pleased to announce that Mr. Scott David Badcock has been appointed as Chief Financial Officer of the Company. Mr. Badcock is a Chartered Accountant with more than 10 years experience, including a focus on the oil and gas industry since 2006. He received a Bachelor of Commerce degree from Memorial University of Newfoundland and Labrador in 2001. Prior to joining Nextraction, Mr. Badcock was employed by two of the world's largest professional service firms, Ernst & Young and Deloitte & Touche and has extensive oil and gas industry experience serving such clients as Paramount Resources Ltd., MGM Energy Corp. and British Petroleum PLC in Calgary, Alberta.
Mr. Badcock will work from the Company's Calgary office and brings strong public market experience with a solid background towards financial reporting, corporate accounting, internal controls and corporate finance to Nextraction, having been involved in various mergers and acquisitions, public equity offerings and debt financings.
Mr. Badcock has oversight of the finance, accounting and treasury functions and will focus on financial reporting, investor relations and corporate governance for Nextraction.
Nextraction President Mark S. Dolar says, "Scott brings a wealth of knowledge and experience to the CFO role in our organization and we are very fortunate to have the opportunity to add him to our Management Team. He has successfully closed financings in the marketplace, excels in financial management and analysis and is well versed in regulatory reporting and compliance. Most importantly, Scott has the character and personality we look for when adding to our Management Team and will play an integral part in taking Nextraction to the next level."
On behalf of the Board of Nextraction Energy Corp.
"Mark S. Dolar"
President and CEO
About Nextraction Energy Corp.
Nextraction Energy Corp. is a Canadian junior oil and gas producing company engaged in the exploration and development of oil and gas resources in North America. Nextraction targets projects with known reserves and plays that provide lower risk, high return development opportunities in both conventional and unconventional resource projects, where our technical expertise can be applied to enhance production. The Company has offices in Vancouver (B.C.), Calgary (Alberta) and Golden (Colorado). In addition to the Provost oil Field, the company is planning a 3-dimensional (3-D) seismic and drilling program for Bakken oil in the Williston Basin. Nextraction is currently producing oil at our Provost Field located in Alberta and at our Pinedale natural gas/condensates pool in the Pinedale Anticline in the Green River Basin region of western Wyoming and from its Chattanooga shale gas resource play in eastern Kentucky/Tennessee.
FORWARD LOOKING STATEMENTS DISCLAIMER
Certain statements in this document may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Such forward-looking statements or information include, without limitation, statements or information about the Company's business strategy and goals, our future capital and other expenditures and requirements, reserves and resources estimates, our drilling plans, seismic activity, production levels and the sources of growth thereof, project development schedules and results, results of exploration activities and dates by which certain areas may be developed or may come on-stream, our future financing and capital activities, contingent liabilities and environmental matters. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, we have made numerous assumptions including, among other things, the accuracy of recovery rates and production in surrounding areas. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, amongst others, general economic conditions, industry conditions, volatility of commodity prices, stock market volatility, imprecision of reserve estimates, environmental risks, the Company's ability to obtain sufficient capital from internal and external sources to fund its proposed drilling program, misjudgments in the course of preparing forward-looking statements or information and those risk factors identified in the Company's Management Information Circular dated September 11, 2008. Should one or more of these risks and uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information.
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