Nextraction Energy Corp.

Nextraction Energy Corp.

June 29, 2011 09:00 ET

Nextraction Commencing Drilling Operations at the Provost Viking Pool

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2011) - Nextraction Energy Corp. (TSX VENTURE:NE) (the "Company"), is pleased to announce drilling operations have commenced on its Provost Viking property in eastern Alberta. The well will target the Viking formation and will include a 1,200 meter horizontal leg at a depth of 800 meters. The well offsets vertical wells previously drilled on the property that have produced over 500,000 barrels of oil. This is the first well of a two well program planned for this summer. The Company has identified eleven (11) follow up locations that could be drilled immediately, with the potential for nine (9) further wells, should down spacing be warranted.

The Company has also participated in the re-completion of an existing well on the property that is currently cleaning up frac fluid. The Company is encouraged by the initial results, as they have met expectations and confirmed that reservoir pressure remains high in the pool.

About Nextraction Energy Corp.

Nextraction Energy Corp. is a Canadian junior oil and gas company engaged in the exploration and development of oil and 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. Nextraction also has exploratory rights to conduct a three dimensional seismic survey and development opportunities in the Saturn Project located in eastern Montana.


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.

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