CALGARY, ALBERTA--(Marketwire -08/14/12)- Nextraction Energy Corp. (NE.V) (the "Company" or "Nextraction") is pleased to announce that drilling operations for a third horizontal well have commenced on its Provost Viking light oil property in eastern Alberta. The well is being drilled on the Company's 50% working interest lands targeting the Viking formation at a depth of 800 meters, and will include a 600 meter horizontal leg.
As announced on July 4, 2012, the first horizontal well in the Company's 2012 capital program flow tested 210 bbls/d of light oil over the final 24 hour test period. The well is tied into the Company's oil battery and continues to exceed management's initial production expectations. Daily oil production from the field has nearly tripled as a result of this well and Nextraction anticipates continued significant production and reserve growth over the coming months as it executes on its active capital program.
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.
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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