Nextraction Energy Corp.

Nextraction Energy Corp.

July 08, 2010 08:15 ET

Nextraction/Vantage Completes Noble 6-24 Well in Pinedale Anticline Field in Wyoming

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2010) - Nextraction Energy Corporation (TSX VENTURE:NE) (the "Company") and its wholly-owned subsidiary, Nextraction Energy (US) Inc. ("Nextraction"), along with its operating partner, Vantage Energy ("Vantage" – see press release dated January 26, 2010), are pleased to announce the successful completion of the Noble 6-24 well in the northern region of the Pinedale Anticline, Wyoming. The Companies will flow back the well for two to three weeks and will then determine a steady flow rate. Flow rates will be tested and reported after the first month's production and periodically thereafter. 

The Companies have isolated and frac'd 13 lower stages in the well, opening up 462 feet of net pay (gas producing zones) in the Mesaverde and Lower Lance formations. The operations proceeded as planned, on time and on budget. Pipeline installation and infrastructure are complete for immediate gas sales during the flowback procedure.

The Company also plans to frac an additional 340 feet of net pay in the upper gas-bearing zones to achieve additional resource development. This additional fracing program is anticipated to occur after the deeper, higher pressured zones that are currently completed have decreased in pressure so that well bore pressure equalization can be achieved. 

The Company anticipates a total investment to date of approximately US$5.4MM for its 100% interest in the Noble #6-24 well. Vantage operates the well and has the right to become a 26.25% interest owner in the well after Nextraction receives payout of 150% of its invested capital.

Company President Mark S. Dolar reports, "The completion program at Pinedale was successfully executed and we look forward to reporting the production results in the normal course in the weeks and months ahead. As we establish the flow rates we will announce our plans for further drilling on our leasehold area at Pinedale." 

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 trend 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 is headquartered in Vancouver, BC, Canada. 

On behalf of the Board of Nextraction Energy Corp.

Mark S. Dolar, President and CEO


Certain statements in this document may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Often, but not always, forward-looking statements or information may 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", "could", "would", "might" or "will" be taken, occur or be achieved. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.

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

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