Nexstar Energy Announces Details of Private Placement and Debt Settlements

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS.

Nexstar Energy Ltd. ("Nexstar" or the "Company") (TSX VENTURE:NXE.A) (TSX
VENTURE:NXE.B) announces that it has finalized and amended the terms and
provisions of its previously announced private placement (the "Private
Placement"). The Private Placement is for up to $3,500,000 of Units (the
"Units"). Each Unit will be priced at $1,000 and will be comprised of a $1,000
Convertible Debenture providing an 8% annual interest rate and 20,000 Purchase
Warrants to acquire Flow-Through Class A Shares of the Company (the "Class A
Warrants"). Each $1,000 Debenture will be purchased at an ascribed value of
$980, will mature on November 21, 2010 at par and will be convertible at the
option of the holder at any time prior to maturity into 20,000 Class A Shares of
the Company. Each full Class A Warrant will be exercisable for one Class A Share
of the Company at a price of $0.05 per share until November 21, 2009. The
closing of the Private Placement is now scheduled for Monday, November 24, 2008.
The funds from the Private Placement will be utilized by the Company for
exploration and development drilling in the Company's core areas, debt reduction
and working capital. All securities issued pursuant to the Private Placement
will be subject to a four month hold pursuant to applicable securities
legislation.


The Company also announces that it has entered into an Agreement with respect to
the settlement of its indebtedness with its major lender (the "Lender"). The
Agreement, which will close simultaneously with the closing of the Private
Placement, provides for the payment of funds and transfer of securities to the
Lender and the issuance by the Company to the Lender of 4,000,000 Class A
Warrants (the "Warrants"). The Warrants are exercisable into Class A Shares of
the Company at a price of $0.05 until November 21, 2009 and $0.10 until November
21, 2010 and will be subject to a four month hold in accordance with applicable
securities laws. The settlement is also a pre-condition to the closing of the
Private Placement.


The Company also announces that pursuant to its news release issued June 2,
2008, the Company has now entered into additional settlement agreements with
certain trade creditors of the Company for cash and the issuance of 411,527
Class A Shares of the Company which were issued at a deemed price of $0.15 per
share in satisfaction of approximately $62,000 of outstanding debts. The
settlement agreements are subject to final approval from the TSXV and the Class
A Shares issued will be subject to a four month hold period in accordance with
applicable securities laws.


About Nexstar Energy

Nexstar Energy is a newly reorganized junior oil and gas company that is focused
on drilling multi-zone oil and natural gas prospects in western Canada,
complemented by strategic acquisitions.


This document contains forward-looking information that is based on expectations
and estimates as of the date of this document. This forward-looking information
is information that is subject to known and unknown risks and other factors that
may cause future actions, conditions or events to differ materially from the
anticipated actions, conditions or events expressed or implied by such
forward-looking information. Forward-looking information is information that
does not relate strictly to historical or current facts, and can be identified
by the use of the future tense or other forward-looking words such as
"proposed", "believe", "expect", "anticipate", "intend", "plan", "estimate",
"should", "may", "objective", "projection", "forecast", "continue", "strategy",
"position" or the negative of those terms or other variations of them or
comparable terminology. Examples of such forward-looking information in this
document include but are not limited to the following, each of which is subject
to significant risks and uncertainties and is based on a number of assumptions
which may prove to be incorrect. The Company will be required to secure
financing in order to participate in the projects referenced in this document
and there is no assurance that the Company will be able to secure such
financing. This forward-looking information represents the Company's views as of
the date of this document and such information should not be relied upon as
representing the Company's views as of any date subsequent to the date of this
document. The Company has attempted to identify important factors that could
cause actual results, performance or achievements to vary from those current
expectations or estimates expressed or implied by the forward-looking
information. However, there may be other factors that cause results, performance
or achievements not to be as expected or estimated and that could cause actual
results, performance or achievements to differ materially from current
expectations. There can be no assurance that forward-looking information will
prove to be accurate, as actual results and future events could differ
materially from those expected or estimated in such statements. Accordingly,
readers should not place undue reliance on forward-looking information. These
factors are not intended to represent a complete list of factors that could
affect the Company. Boes may be misleading, particularly if used in isolation. A
boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead.


13,032,869 Class A Shares

1,080,000 Class B Shares