Nextraction Energy Corp.

Nextraction Energy Corp.

November 03, 2011 18:39 ET

Nextraction Announces Closing of $712,500 Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 3, 2011) -


Nextraction Energy Corp. (TSX VENTURE:NE) (the "Company") is pleased to announce the successful completion of a non-brokered private placement (the "Private Placement") of 2,375,000 units ("Units") of the Company at a price of $0.30 per Unit for aggregate gross proceeds to the Company of $712,500. Each unit consists of one common share (a "Common Share") in the capital of the Company and one-half of one non-transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles its holder to purchase one additional Common Share (a "Warrant Share") at a price of $0.40 until November 3, 2012, being twelve months following the date of closing.

The Common Shares, Warrants and if applicable, Warrant Shares issued or issuable under the Private Placement will be subject to a four month hold period which will expire March 4, 2012.

The Company has agreed to pay a cash finder's fee of approximately $28,236 to certain qualified registrants in connection with the non-brokered private placement. These fees represent 6% of the gross proceeds raised from investors introduced by the respective finders.

For further information regarding the financing, please refer to Nextraction's press release dated may October 20, 2011.

Net proceeds from the Private Placement will be used for further development of the Company's Viking light oil prospects in the Provost Pool of south eastern Alberta. The Company recently announced the successful completion of its first horizontal well in the Provost Field (see news release dated October 6, 2011) and the amendment to its Joint Venture Agreement (see news release dated October 31, 2011).

In addition to developing the Provost light oil pool, the Company is also in production at its Pinedale Anticline resource play in Wyoming and is evaluating horizontal shale gas development on its lands in the southern Appalachian Basin of the eastern United States.

On behalf of the Board of Nextraction Energy Corp.

Mark S. Dolar, President and CEO

About Nextraction Energy Corp.

Nextraction Energy Corp. is a Canadian junior oil and natural gas company engaged in the exploration and development of oil and natural gas resources in North America. The Company's model is the "next round of extraction on known plays." Nextraction targets projects along trends with known reserves that provide low risk, high return development opportunities in both conventional and unconventional resource projects. In addition to the Provost pool, the Company is producing light oil and liquids rich gas at its Pinedale Anticline property in Wyoming. The Company also owns rights to develop shale gas in the southern Appalachian Basin of the eastern United States.


Certain statements made and information contained herein may constitute "forward-looking statements" or "forward- looking information" within the meaning of applicable securities legislation. These statements relate to future events or the Company's future performance. Often, but not always, forward-looking statements or information can 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", "may have", "could", "would", "might" or "will" be taken, occur or be achieved. Although management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements speak only as of the date of this Press Release and are expressly qualified, in their entirety, by this cautionary statement.

Neither the 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.

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