Nextraction Energy Corp.

Nextraction Energy Corp.

February 16, 2010 09:15 ET

Nextraction Drills as Planned and Sets Production Casing on the Initial Pinedale Well, Wyoming

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2010) - Nextraction Energy Corporation (TSX VENTURE: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 United States and once the target formations have been drilled they rely on "fracing" completion techniques that were developed in the early 2000's to create economic gas recovery. Nextraction's investment in the Noble 6-24 well to date is approximately US$3MM.

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 Vancouver, BC, Canada. In addition to developing its leases in the Pinedale Anticline area of the Green River Basin region of western Wyoming, the Company is advancing a large 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


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. Often, but not always, forward-looking statements or information may 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. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.

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