Nextraction Energy Corp.
TSX VENTURE : NE

Nextraction Energy Corp.

May 30, 2012 08:53 ET

Nextraction Commences Drilling Operations in Provost

CALGARY, ALBERTA--(Marketwire - May 30, 2012) - Nextraction Energy Corp. (TSX VENTURE:NE) (the "Company" or "Nextraction") is pleased to announce that drilling operations for a second horizontal well have commenced on its Provost Viking light oil property in eastern Alberta. The Company is operating the drilling and completion of the well on its 50% working interest lands. The horizontal well will target the Viking formation at a depth of 800 meters, and will include a 600 meter horizontal leg. The well is offset by two of the best producing vertical wells in the pool and is being drilled in close proximity to the Company's recently constructed multi-well oil battery.

Nextraction is preparing for an active capital program on the Provost property during the remainder of 2012. The Company plans to drill between 3 and 5 horizontal wells on the property and has identified 35 potential follow up locations to this initial well. The 2012 capital program is currently budgeted between $3,300,000 and $3,900,000. The Company anticipates significant growth in production and cash flow from this program.

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 the Western Canadian Basin. The Company's model is the "next round of extraction on known plays." Nextraction targets oil focused projects along trends with known reserves that provide low risk, high return development opportunities in both conventional and unconventional resource projects.

READER ADVISORY

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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