SOURCE: Northern Explorations Ltd.

December 12, 2008 09:00 ET

Northern Explorations Ltd. Appoints New President and C.E.O. -- Company Announces Canadian Natural Gas Project Acquisition

SCOTTSDALE, AZ--(Marketwire - December 12, 2008) - Northern Explorations Ltd. (OTCBB: NXPN) ("Northern," "Norex" or the "Company") announced today that it is currently operating its business under the trade name of Norex Energy which best reflects management's current strategic outlook and planning.

Norex (Northern) has targeted the natural gas sector in response to recent developments in the global economy. As the price of oil remains volatile, natural gas prices have stayed relatively stable and future opportunities and outlook appear to have considerable upside potential.

The Company believes that natural gas may prove to be the energy source of choice for the new U.S. administration's energy policies as identified and supported by renowned energy developer T. Boone Pickens who states in his well-publicized "Pickens Plan" that natural gas is a cheap new replacement for foreign oil.

Mr. Pickens's plan goes on to state that, "Natural gas is our country's second largest energy resource and a vital component of our energy supply. 98% of the natural gas used in the United States is from North America. But 70% of our oil is purchased from foreign nations. Natural gas is one of the cleanest, safest and most useful forms of energy -- residentially, commercially and industrially. The natural gas industry has existed in the United States for over 100 years and continues to grow. Domestic natural gas reserves are twice that of petroleum. And new discoveries of natural gas and ongoing development of renewable biogas are continually adding to existing reserves. While it is a cheap effective and versatile fuel, less than 1% of natural gas is currently used for transportation."

To read a copy of the full Pickens Plan please visit: www.pickensplan.com/theplan/

Moving ahead, Norex Energy has executed an L.O.I. (Letter of Intent) with Dominus Energy AG whereby the Company will acquire from Dominus, over a 60-day period certain assets in Alberta, Canada that include a 49% interest in a natural gas processing and compression facility, natural gas pipeline, additional infrastructure and certain lands associated to the infrastructure. The Alberta project has been reviewed in detail by the Company over a 60-day due diligence period and is found to have the potential to contain over 8 BCF of natural gas. The Company also has the option to obtain the remaining 51% interest from the owner over a 2 year period.

In related news, the Company is pleased to announce the appointment of Mr. Ralph Claussner P. Eng. to the position of President and Chief Executive Officer. Mr. Claussner graduated in 1984 from the U. of Calgary with B. Sc. Degree in Mechanical Engineering. Upon graduation he was employed for 15 years with a large independent Canadian producer in the areas of drilling; completions; operations and exploitation. During this period he was engaged in a wide spectrum of assignments in Western Canada and also the Southern USA, including drilling and completions design and implementation, wellsite supervision, formation damage assessment, asset exploitation and property team management and staff supervision. Since 1998 he has continued to develop expertise in these roles with both public and private junior E&P companies, and has most recently been practicing as an independent engineering consultant during the past four years. Mr. Claussner is well versed in the areas of drilling and completions operations, reserve appraisals and economic evaluations. He is a member of APEGGA, SPE and CIM.

ABOUT NOREX ENERGY (NORTHERN EXPLORATIONS LTD.) (OTCBB: NXPN)

Norex Energy (Northern Exploration Ltd.) is an energy exploration Company which intends to develop natural gas assets in North America. Norex's initial Natural Gas Project located in Alberta Canada has the potential to contain 8 BCF gas with associated plant, pipeline and existing infrastructure.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

ON BEHALF OF THE BOARD
Norex Energy (Northern Explorations Ltd.)
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David Naylor
Director-Chief Financial Officer

To find out more about Norex Energy or Northern Explorations Ltd. (OTCBB: NXPN), visit our website at www.norexenergy.com.

Contact Information

  • Contact Information:
    Norex Energy (Northern Explorations Ltd.)
    1-(866) 570-9822