CALGARY, ALBERTA--(Marketwired - Jan. 27, 2014) - Nextraction Energy Corp. (TSX VENTURE:NE) (the "Company" or "Nextraction") is pleased to announce that the Company has spud the 102/12-36-036-07W4 ("12-36") horizontal well on its light oil property in Provost, Alberta. The well is targeting the Viking formation at a depth of 800 meters and will have a horizontal leg of approximately 650 meters. The well is being drilled on the same geological trend as the Company's successful 102/16-34-036-07W4 drilled in August 2012, which has recovered over 26,000 bbls of oil to date. Two successful wells drilled on offsetting land in 2013 on the same trend have produced over 16,000 bbls of oil combined in their first 5 months of production.
The well is being drilled on Nextraction's 50% working interest land; however the Company's joint venture partner has elected not to participate in the well. Therefore, Nextraction will be the operator and will pay for 100% of the costs to drill, complete and equip the well and will retain a 100% working interest in the well until such time as 300% of the partner's shares of the costs have been recovered from the partner's share of the net operating income from the well.
Company President Kent Edney states, "We are very excited to be drilling on our Provost property again. The success of our 16-34 and 13-6 wells on our land, combined with the successful wells on the offsetting operators land, have shown that Nextraction's Provost Viking pool has the potential to develop some of the top Viking producers in the area."
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