Nexstar Energy Ltd.
TSX VENTURE : NXE.A
TSX VENTURE : NXE.B

Nexstar Energy Ltd.

December 01, 2009 17:36 ET

Nexstar Energy Releases Third Quarter Results and Provides Notice of Conversion of Class B Shares to Class A Shares

CALGARY, ALBERTA--(Marketwire - Dec. 1, 2009) - Nexstar Energy Ltd. ("Nexstar" or the "Company") (TSX VENTURE:NXE.A) (TSX VENTURE:NXE.B) announces its results for the three and nine months ending September 30, 2009. The Unaudited Financial Statements and Management's Discussion and Analysis ("MD&A") for the quarter should be read in conjunction with the Audited Financial Statements and the MD&A for the year ended December 31, 2008, all of which are filed and now available for viewing on the System for Electronic Disclosure and Analysis ("SEDAR") at www.sedar.com.

The Company also advises that, as permitted under the Articles of the Company, the Company has provided notification to the TSX Venture Exchange of its intention to convert all existing Class B Shares into Class A Shares, effective as of December 11, 2009. On that date, holders of Class B Shares will receive 10 Class A Shares of the Company for each Class B Share held. There will be no fractional shares issued, however, the shares will be rounded up to the next whole number. The Class A Shares are currently trading at $0.23. The Company has notified Olympia Trust Company ("Olympia"), the Company's transfer agent, of the transaction and Olympia shall issue the new Class A Shares on the effective date. Registered holders of Class B Shares are requested to deliver share certificates for Class B Shares to Olympia either by courier, registered mail or direct delivery and Olympia will deliver the new Class A Shares by registered mail. Shareholders registered with a brokererage or investment house, need not take any action as the Class A Shares will be issued automatically through the CDS system.

About Nexstar Energy

Nexstar Energy is a junior oil and gas company that is focused on the drilling and development of repeatable horizontal wells with an emphasis on its Cardium light oil prospects in the Pembina area of west central Alberta.

For further information, please go to Nexstar Energy's website.

Reader Advisory

This news release may contain certain forward-looking statements, which include assumptions with respect to (i) production; (ii) future capital expenditures; (iii) funds from operations; (iv) cash flow; and (v) debt levels. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and natural gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nexstar Energy Ltd.
    Peter A. Carwardine
    President and CEO
    (403) 263-6133 ext. 201
    (403) 263-3629 (FAX)
    or
    Nexstar Energy Ltd.
    Brian J. Spilchen
    VP Finance and CFO
    (403) 263-6133 ext. 202
    (403) 263-3629 (FAX)
    or
    Nexstar Energy Ltd.
    603 - 7 Avenue SW, Suite 525
    Calgary, Alberta T2P 2T5
    info@nexstar-energy.com
    www.nexstar-energy.com