SOURCE: Nova Energy, Inc.

March 23, 2010 09:15 ET

NewMarket Greenfield Partner Nova Energy, Inc. (NVAE) Announces Letter of Intent to Acquire $1.4 Million Strategic Asset

DALLAS, TX--(Marketwire - March 23, 2010) -  Nova Energy, Inc. (OTCBB: NVAE) today announced entering into a letter of intent to acquire a $1.4 million strategic asset. The Company recently unveiled plans to expand its business strategy to include developing early stage business opportunities in East Africa. As part of the Company's expanded business plan, Nova recently joined the NewMarket Technology, Inc. (PINKSHEETS: NWMT) Greenfield Partnership Program. Nova also intends to continue pursuing its original business strategy, oil field redevelopment projects.

"Nova will essentially have two separate operating businesses," explained Interim CEO Philip Verges. "One will develop early stage business opportunities in East Africa and one will pursue oil field redevelopment projects. The two businesses are more complementary than you might otherwise think. We are putting together separate teams for each operation. This Friday, I will conduct a Webcast presentation detailing the two complementary strategies and introducing the teams associated with each initiative. The announcement today pertains to building the oil field redevelopment business and includes much more than just the acquisition of assets to enable the plan. I hope you will join me for the upcoming Webcast."

A link to the Webcast will be posted to the Nova Energy corporate website www.novaei.com upon release.

Nova Energy Email Updates

Nova is expanding its website and plans to issue regular updates on Company progress via email to its opt-in, permission-based email database. To join the email database, please send an email to ir@novaei.com.

About Nova Energy, Inc. www.novaei.com

Nova Energy, Inc. has launched an updated corporate strategy to pursue several business lines in the growing economy of East Africa, initially in Kenya. Nova has already begun several initiatives in the region to include initiatives in the Technology, Utility, Housing and Health products industries. Nova Energy has also launched a communications and awareness campaign. The Company is quoted on the OTCBB and files its periodic reports. The Company is also dually quoted on the Pinksheets under NVAE.

"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.

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