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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nexstar Energy Ltd Com Npv Class b | TSXV:NXE.B | TSX Venture | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Nexstar Energy Ltd. ("Nexstar Energy" or the "Company") (TSX VENTURE:NXE.A) (TSX VENTURE:NXE.B) announces that it has entered into credit facilities (the "Credit Facilities") with a Canadian Chartered Bank. The Credit Facilities provide for a revolving operating demand loan of up to $1.5 million and an acquisition/development demand loan of up to $500,000. The proceeds from the Credit Facilities will be used to fund the ongoing development of the Company's properties and general corporate purposes. Drilling Operations Report The Company also announces that its second horizontal well in the Pembina area of central Alberta has been drilled and successfully completed in the Cardium formation with a multi-stage fracture treatment and is currently being production tested. The Company participated for a 32.18% working interest in the costs of this well to earn an equivalent interest before payout and a 20.68% working interest after payout. Nexstar Energy currently holds an inventory in excess of 40 Cardium light oil drilling locations in the Pembina area with working interests varying between 20.68% and 60.00%. The Company expects to participate in the drilling of at least 5 Cardium locations by year end with an average working interest of 27.00%. Drilling operations for the next well are expected to commence within thirty days. Conversion of Debentures The Company also announces that, subject to regulatory and TSX Venture Exchange approval, the Company's Board of Directors approved the initiation of the conversion of all Convertible Debentures (the "Debentures") issued pursuant to a Private Placement that closed on November 21, 2008, to Class A Shares of the Company, in accordance with the terms of the Indenture governing the Debentures. Notices regarding the conversion will be mailed to all Debenture holders shortly. The effective date of the conversion is anticipated to be on or about August 5, 2009. Conversion of the Debentures will result in the issuance of 53,200,000 Class A Shares of the Company. Private Placement In addition, further to the Company's news release issued on June 26, 2009, the Company advises that it does not plan on completing any subsequent closings of its previously announced Private Placement and has capped the number of shares issued in the Private Placement at 8,220,300 Class A Shares. About Nexstar Energy Nexstar Energy is a newly reorganized junior oil and gas company that is focused on the drilling and development of its Cardium light oil prospects in the Pembina area of central Alberta. Reader Advisory This news release may contain certain forward-looking statements, which include assumptions with respect to (i) production; (ii) future capital expenditures; (iii) funds from operations; (iv) cash flow; and (v) debt levels. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with oil and natural gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. 36,853,169 Class A Shares 1,080,000 Class B Shares
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