Nextraction Completes Second Round of Fracing in Pinedale, Wyoming and Adds an Experienced Petroleum Engineer to Its Technical TeamDecember 14, 2010
Vancouver, BC - Nextraction Energy Corp. (TSX-V: NE) ("Nextraction") is pleased to announce that it has successfully completed a second round of "fracing" by completing the upper Middle, Lance and Tertiary zones of its producing gas well in Pinedale, Wyoming. The well was originally completed in, and is producing from, the Lower Lance and Mesaverde formations and the production from the upper zones is being added to the flow rates as gas prices improve.
Mark S. Dolar, President of Nextraction said, "We have learned a great deal about our lease position on the northern end of the Pinedale Anticline by investing US$6.8 million into drilling and completing the Noble 6-24 well and equipping the surface location superpad for a multi-well drilling program. Our confidence in the play is increasing as the project has the potential to develop 30-60 wells. We are also excited to expand the project by acquiring seismic data across the lease area, including the acreage held 100% by Nextraction."
Nextraction is looking to substantially increase its participation in the Pinedale Area, which is currently being developed with Vantage Energy, LLC as the operating partner, and is looking to increase its scale of business in Canada and the USA.
As a result of these developments, Nextraction is also pleased to announce that it has added Kent Edney to the technical team as Senior Petroleum Engineer. Kent is a professional engineer with a diverse set of skills in all aspects of oil and gas field development and exploitation.
Mr. Dolar adds "Mr. Edney is an extremely knowledgeable operations and production engineer and we are very pleased to add him to the team." Mr. Edney is a 2003 graduate of the University of Calgary with a Bachelor of Science Degree in Oil and Gas Engineering. Mr. Edney's experiences include: developing new concepts for exploration and recovery; optimizing gas gathering systems, well performance, oil production facilities and gas plant performance; and ensuring smooth field operations as well as environmental and emissions compliance.
Mr. Edney's recent work experience in Alberta, Saskatchewan and British Columbia includes being a Production Engineer with Surge Energy Inc. and Thunder Energy and, previous to that, being an Area Engineer with NAL Resources and Breaker Energy Ltd.
Mr. Edney lives in Calgary, Alberta and will open an office for Nextraction in Calgary. His full-time responsibilities for Nextraction will include well operations and recovery optimizations as well as generation of new business and acquisitions.
About Nextraction Energy Corp.
Nextraction Energy Corp. is a Canadian junior oil and gas company engaged in the exploration and development of oil and gas resources in North America. Nextraction targets projects with known reserves 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 is headquartered in Vancouver, BC, Canada, and is currently developing a tight-sands gas play on the Pinedale Anticline in the Green River Basin region of western Wyoming, and a 70,130 acre (109 sections) Chattanooga shale gas resource play in Eastern Kentucky and Tennessee.
On behalf of the Board of Nextraction Energy Corp.
"Mark S. Dolar"
President and CEO
For further information please contact:
Manager, Corporate Relations, Nextraction Energy Corp.
Phone: 604-630-0300 firstname.lastname@example.org
FORWARD LOOKING STATEMENTS
Certain statements made and information contained herein may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. These statements relate to future events or Nextraction's future performance. Although management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that any 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. These statements speak only as of the date of this Press Release and are expressly qualified, in their entirety, by this cautionary statement.
In particular, this Press Releasecontains forward-looking statements pertaining to the potential number of wells in the Pinedale Area, Nextraction's participation in the Pinedale Area and Nextraction's business in Canada and the USA generally. Nextraction's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risk factors, including: uncertainties associated with estimating resources; geological, technical, drilling and processing problems; dependence upon farm-out and joint venture partners; liabilities and risks, including environmental liabilities and risks, inherent in the oil and gas industry; competition for, among other things, capital, acquisition of reserves, equipment, undeveloped lands and skilled personnel; and lack of availability of additional financing.
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. Although Nextraction has attempted to identify factors that may cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actual results, performance, achievements or events to not be as anticipated, estimated or intended. Also, many of the factors are beyond our control. As actual results and future events could differ materially from those anticipated in such statements and information, readers should not place undue reliance on forward-looking statements or information. Except as may be required by law, Nextraction undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
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