Nextraction Energy Corp.
TSX VENTURE : NE

Nextraction Energy Corp.

November 28, 2013 15:01 ET

Nextraction Energy Corp. Announces Filing of Statement of Claim

CALGARY, ALBERTA--(Marketwired - Nov. 28, 2013) -

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Nextraction Energy Corp. (TSX VENTURE:NE) (the "Company" or "Nextraction") announces that it has filed a statement of claim with the Court of Queen's Bench of Alberta in connection with a dispute between the Company and its joint venture partner on the Provost property. Nextraction is seeking monetary damages, costs and certain other remedies arising from the joint venture partner's obligations under the Joint Venture Agreement.

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

Cautionary Note Regarding Forward Looking Statements

Certain statements made and information contained herein constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. 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.

These statements include, but are not limited to, those made above with respect to future events or the Company's future actions and remedies being sought under in connection with the Statement of Claim.

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. Such assumptions, risks, uncertainties and factors include, but are not limited to:

  1. the outcome of the litigation proceedings, but its nature is uncertain and subject to a high degree of risk;
  2. whether or not the matters addressed in the Statement of Claim ever go before a court or are settled between the parties;
  3. the response of Nextraction's joint venture partner to the Statement of Claim is unknown; and
  4. the length of time it may take to resolve the dispute referred above is unknown, and there is no certainty that Nextraction may ever be able to recover any remedy, even if successful in any proceedings or settlement.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Actual results may vary materially from the information provided in this release, and there is no representation by the Company that the actual results realized in the future will be the same in whole or in part as those presented herein. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. These statements speak only as of the date of this News 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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