ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for monitor Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.

NE

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:NE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Nextraction Announces Spud of Horizontal Well on Its Viking Light Oil Property in Provost, Alberta

27/01/2014 8:22pm

Marketwired Canada


Nextraction Energy Corp. (TSX VENTURE:NE) (the "Company" or "Nextraction") is
pleased to announce that the Company has spud the 102/12-36-036-07W4 ("12-36")
horizontal well on its light oil property in Provost, Alberta. The well is
targeting the Viking formation at a depth of 800 meters and will have a
horizontal leg of approximately 650 meters. The well is being drilled on the
same geological trend as the Company's successful 102/16-34-036-07W4 drilled in
August 2012, which has recovered over 26,000 bbls of oil to date. Two successful
wells drilled on offsetting land in 2013 on the same trend have produced over
16,000 bbls of oil combined in their first 5 months of production.


The well is being drilled on Nextraction's 50% working interest land; however
the Company's joint venture partner has elected not to participate in the well.
Therefore, Nextraction will be the operator and will pay for 100% of the costs
to drill, complete and equip the well and will retain a 100% working interest in
the well until such time as 300% of the partner's shares of the costs have been
recovered from the partner's share of the net operating income from the well.


Company President Kent Edney states, "We are very excited to be drilling on our
Provost property again. The success of our 16-34 and 13-6 wells on our land,
combined with the successful wells on the offsetting operators land, have shown
that Nextraction's Provost Viking pool has the potential to develop some of the
top Viking producers in the area."


READER ADVISORY

Cautionary Note Regarding Forward-Looking Statements

Certain statements made and information contained herein may constitute
"forward-looking statements" or "forward-looking information" within the meaning
of applicable securities legislation. 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 News Release and are
expressly qualified, in their entirety, by this cautionary statement.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Nextraction Energy Corp.
Kent Edney, P.Eng.
President
(403) 514-2373


Nextraction Energy Corp.
Scott Badcock, CA
CFO
(403) 514-2399
info@nextraction.com
www.nextraction.com

1 Year Chart

1 Year  Chart

1 Month Chart

1 Month  Chart

Your Recent History

Delayed Upgrade Clock