SOURCE: New Frontier Energy, Inc.

March 25, 2008 09:12 ET

New Frontier Energy, Inc. Provides Slater Dome Production & Field Development Updates

March Gross Production Averaging 1.2 Million Cubic Feet per Day

DENVER, CO--(Marketwire - March 25, 2008) - New Frontier Energy, Inc. (OTCBB: NFEI), a natural resource company engaged in the exploration, acquisition and development of oil and gas properties in the United States, announced today that gross production at the Slater Dome CBM Field has averaged 1.2 million cubic feet per day during the first 20 days of March 2008.

Annual gross production at the Slater Dome Field increased approximately 228% compared to fiscal year ended February 28, 2007. The increased production at Slater Dome is primarily a result of additional recompletions in certain older producing wells initiated during last summer and fall. New Frontier Energy is in the final stages of bringing six of the eight new wells drilled during 2007 into production. Once regulatory approval to operate additional compression equipment at the Slater Dome Field is received, production from the new wells will begin.

"The Rex West pipeline which began transporting natural gas east to Missouri in January 2008 was an important step towards increasing the take away capacity for Rocky Mountain Gas," said Paul Laird, President of New Frontier Energy, Inc. "During March we averaged $8.00 per MCF at the well head. The effect of the Rex West on our gas market has become evident; our average sales price realized for the quarter ended February 29, 2008 was $6.36 per MCF representing a 20% discount to the average Henry Hub price for that period, compared with a 55% discount during the previous nine months. We are optimistic that the improved pricing environment will increase cash flow, shorten payback periods, and eventually allow us to accelerate our development efforts."

"Over time, improved pricing will become a true catalyst for regional producers to unlock the tremendous natural gas reserves present within the Rocky Mountain region; thereby, moving the U.S. towards energy independence," concludes Paul Laird.

About New Frontier Energy, Inc.

Based in Denver, CO, New Frontier Energy, Inc. is an independent natural resource company engaged in the exploration, acquisition and development of oil and gas properties in the United States. New Frontier Energy has interests in three principal properties, the Slater Dome Field, located in northwest Colorado and south central Wyoming; the Flattops Prospect located in southwest Wyoming; and has entered into a farm-out agreement to acquire 74% working interest in the Focus Ranch Federal Unit, located in Routt County Colorado adjacent to and southeast of the Slater Dome Field.

New Frontier Energy is focusing on expanding CBM gas production at the Slater Dome Field, and exploring the adjacent Focus Ranch Unit and Flattops prospects. The Slater Dome Field is a coal bed methane development project located in the Sand Wash Basin or Atlantic Rim area near the Colorado and Wyoming border, and is a sub-basin of the Greater Green River Basin. The company owns the general partnership interest and a majority of the limited partnership interests in an 18-mile gas gathering line that delivers gas from the Slater Dome Field to a transportation hub. New Frontier Energy's common stock is listed on the over the counter bulletin board under the symbol "NFEI." Additional information about New Frontier Energy, Inc. can be found at the Company's website www.nfeinc.com.

Forward-looking Statements

The statements contained in this press release which are not historical fact are forward looking statements that involve certain risks and uncertainties including, but not limited to, decreases in prices for natural gas and crude oil, unexpected decreases in gas and oil production, the timeliness, costs and success of development activities, unanticipated delays and costs resulting from regulatory compliance, and other risk factors described from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. No assurances can be given that these statements will prove to be accurate. A number of risks and uncertainties could cause actual results to differ materially from these statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Contact Information

  • Investor contact:
    BC Capital Partners
    Bill Conboy
    (303) 415-2290

    For further information contact:
    New Frontier Energy, Inc.
    Paul G. Laird
    President
    (303) 730-9994