Nextraction Announces Closing of $1,585,288 Non-Brokered Private Placement

Nextraction Energy Corp. (TSX VENTURE:NE) - 

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES


Nextraction Energy Corp. (the "Company" or "Nextraction"), is pleased to
announce the successful completion of a non-brokered private placement (the
"Private Placement"), of 5,284,294 units ("Units") of the Company at a price of
$0.30 per Unit for aggregate gross proceeds to the Company of $1,585,288. Each
Unit consists of one common share (a "Common Share") in the capital of the
Company and one non-transferable Common Share purchase warrant (a "Warrant").
Each Warrant entitles its holder to purchase one additional Common Share (a
"Warrant Share") at a price of $0.35 until March 7, 2014, being twenty-four
months following the date of closing.


The Common Shares Warrants and if applicable, the Warrant Shares issued or
issuable under the Private Placement will be subject to a four month hold period
which will expire July 8, 2012.


The Company has agreed to pay a cash finder's fee to a qualified registrant
equal to 6% of the gross proceeds of $10,500 raised from investors introduced by
the finder.


Net proceeds from the Private Placement will be used for further development of
the Company's Provost Viking light oil project, repayment of the outstanding
Anthem Loan and general corporate purposes.


Under the Private Placement, members of the board of directors and management
directly or indirectly subscribed for an aggregate of 1,323,332 Units for
aggregate gross proceeds of $396,999.60. As a result of the participation by in
the Private Placement by management and directors the Private Placement
constitutes a "related party transaction" under the policies of the TSX Venture
Exchange. Eric Carlson, a director and Chairman of the Company, declared his
interest and abstained from voting with respect to the Private Placement as he
subscribed, directly or indirectly, for 1,066,666 Units and was the only related
party with a material interest in the Private Placement. As a result of the
Private Placement Eric Carlson will control, directly or indirectly, an
aggregate of 8.25% of the Company's issued and outstanding common shares.
Affiliated entities of Eric Carlson subscribed for an additional 33,332 Units
under the Private Placement. Other related parties participated as follows:
Frank Hallam (100,000 Units), Kent Edney (40,000 Units), R. Michael Jones
(66,666 Units) and Scott Badcock (50,000 Units).


The Company is relying on exemptions from the formal valuation and minority
approval requirements that apply to related party transactions which are
available to the Company as the fair market value of the Shares and Warrant
Shares underlying the Warrants issuable to related parties under the Private
Placement is less than 25% of the Company's current market capitalization.


Each of the related parties entered into a subscription agreement with the
Company with respect to the Private Placement on the same terms as all other
parties subscribing under the Private Placement, which contained representations
and warranties standard to transactions of this nature.


For further information regarding the financing please refer to Nextraction's
press release dated February 21, 2012.


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

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.