Nextraction Energy Corp.

Nextraction Energy Corp.

November 09, 2010 09:00 ET

Nextraction Receives $2.248 Million From Exercise of Previously Issued Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2010) -


Nextraction Energy Corporation (TSX VENTURE:NE) (the "Company") is pleased to announce that it has added an additional $2,248,163 to the corporate treasury as a result of shareholders exercising a total of 3,458,713 warrants (the "warrants") since October 1, 2010 which were issued in the Company's initial qualifying financing in November 2008. The warrants were priced at $0.65 and had an expiry date of November 5, 2010.

With the proceeds from these warrants the Company plans to acquire seismic data in the Company's North Pinedale play in Wyoming, where the Company is already in process to frac the upper stages of its producing Noble 6-24 well in late November. A second well is planned and the seismic data acquired with the additional funding from the exercise of the warrants will help to guide further development of the Pinedale Project. The proceeds will also assist the continued development of the Company's Appalachian Basin project and may be used to invest in new properties focused on oil development.

Mark S. Dolar, President of Nextraction said, "Our initial capital raises were completed with a core group of solid investors. We are fortunate to be in the position to continue our 2010 development program with sufficient funds in the treasury, and the exercise of these warrants confirms the support of our core investors."

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. Nextraction targets projects along trends with known reserves that provide lower risk, high return development opportunities in both conventional and unconventional resource projects, where our technical expertise can be applied to enhance production. The Company pursues acquisitions that fit the model of the "next round of extraction on known plays". Nextraction is headquartered in Vancouver, BC, Canada, with an operations office in Golden, Colorado.


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.

In particular, this Press Release contains forward-looking statements, pertaining to the anticipated benefits resulting from our performance pursuant to the terms and conditions of our Farm-out and Joint Venture Agreements relating to the North Pinedale and Appalachian Basin projects; oil and gas resource estimates, future production and future net revenue; the Company's future capital and other expenditures and requirements; results of exploration and development activities and dates by which certain areas may be developed or may come on-line.

The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth below herein pertaining to general economic conditions; volatility in the market prices for oil and gas; stock market volatility; uncertainties associated with estimating resources; geological, technical, drilling and processing problems; ability to explore, develop, produce and transport crude oil and natural gas to markets; title to oil and gas leases; dependence upon farm-out and joint venture partners participating in development activities; liabilities and risks, including environmental liabilities and risks, inherent in the oil and gas industry; fluctuations in currency and interest rates; economic conditions in the countries and regions in which the Company carries on business; competition for, among other things, capital, acquisition of reserves, equipment, undeveloped lands and skilled personnel; lack of availability of additional financing and unpredictable weather condition.

Should one or more of these risks and uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information.

Although the Company has attempted to identify factors that may cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actual results, performances, achievements or events to not be as anticipated, estimated or intended. Also, many of the factors are beyond our control. As actual results and future events could differ materially from those anticipated in such statements and information, readers should not place undue reliance on forward-looking statements or information. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulations Services Provider have reviewed this release and do not accept responsibility for the adequacy or accuracy of this release.

Contact Information