Nextraction Energy Corp.
TSX VENTURE : NE

Nextraction Energy Corp.

January 26, 2010 10:00 ET

Nextraction Spuds First Well in Pinedale, WY

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2010) - Nextraction Energy Corporation (TSX VENTURE:NE) (the "Company") is pleased to announce that its wholly-owned subsidiary, Nextraction Energy (US) Inc. ("Nextraction"), spudded the Noble #6-24 well in the Pinedale Anticline region of Wyoming on Sunday, January 24. This marks the first well drilled by the Company together with its operating partner, Vantage Energy Green River, LLC.

The Noble #6-24 well was commenced from a surface location in the southeast northwest of Sec 6. The operating team will set surface casing after reaching 2,644 feet (805.89 meters). The well will deviate 3,202 feet (975.96 meters) to a bottom hole location in the southeast northeast quarter of Sec 6, T33N, R109W to a total measured depth of 14,997 feet (4571 meters), with a true vertical depth of 14,196 feet (4326.9 meters).

Nextraction currently holds 2,551 acres in the northern crest of the Pinedale Anticline in the well known, prolific gas producing Green River Basin region of Wyoming. Nextraction has the potential to drill up to 60 well locations on 20 acre spacing on the existing leasehold at its Pinedale property. The Noble #6-24 well is approximately 800 meters (one-half mile) north of the Shell Oil Company #16A-6D Stewart Point well that was completed in late 2009. Initial production rates for the #16A-6D has yet to be released to the public. Recent activity in the area during late 2009 has included drilling and completion by Shell of several wells on the adjoining land position to the south of the Nextraction–Vantage acreage.

About Vantage Energy

Vantage Energy Green River LLC, a subsidiary of Vantage Energy LLC, is a privately owned United States unconventional natural gas resource company, exploring primarily tight gas sands, gas shales and coalbed methane, onshore in North America. Vantage's management is experienced in the drilling and technical completions to maximize gas production from the Pinedale Anticline and the Jonah Field of the Green River Basin. Under the agreements with Nextraction, Vantage Energy will serve as operator of the Pinedale project.

www.vantageenergy.com

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 in the Green River Basin region of western Wyoming, the Company is advancing a large Chattanooga shale gas resource play in Eastern Kentucky.

On behalf of the Board of Nextraction Energy Corp.

Mark S. Dolar

President and CEO

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. 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.

Neither the TSX Venture Exchange nor its Regulations Services Provider have reviewed this release and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nextraction Energy Corp.
    Mark S. Dolar
    President and CEO
    604-488-3633
    or
    Nextraction Energy Corp.
    Karmen Jade Birss
    Manager, Corporate Development
    604-628-4717
    Info@Nextraction.com
    www.Nextraction.com