Nexstar Energy Announces Q1 2008 Results, Renewal of Credit Facility and Debt Restructuring Proposals

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

Nexstar Energy Ltd. (TSX VENTURE:NXE.A) (TSX VENTURE:NXE.B) ("Nexstar Energy" or
the "Company") announces that its first quarter interim unaudited financial
statements and Management Discussion and Analysis were filed May 30, 2008 on the
System for Electronic Document Analysis and Retrieval ("SEDAR") at
www.sedar.com. These documents were also posted on the Company's website today
at www.nexstar-energy.com.


The Company is also pleased to announce that its existing $6,000,000 Credit
Facility has been renewed by its banker, a Canadian Chartered Bank (the "Bank"),
until July 31, 2008 under the existing terms and conditions. Further, the
Company is in the process of negotiating a restructuring of its current Credit
Facility with the Bank. As part of the Company's restructuring plan, the Company
proposes to issue 4,000,000 Class A Share Purchase Warrants of Nexstar Energy
("Warrants") to the Bank in satisfaction of $1,000,000 of the Company's
outstanding bank debt. The Warrants will be exercisable into Class A Shares of
the Company at a price of $0.15 per share for a period of two years from the
date of issue. The issuance of the Warrants and underlying shares will result in
the creation of a new control person, as defined by the policies of the TSX
Venture Exchange (the "Exchange") and requires shareholder approval pursuant to
the policies of the Exchange of at least 50.1% of the outstanding Class A Shares
of the Company. The Company anticipates obtaining the required shareholder
approval by June 15, 2008. There is no assurance that the Bank will accept the
restructuring plan or that the Company will be able to comply with all
conditions which may form part of the restructuring plan.


In addition, Nexstar Energy announces that it intends to enter into settlement
agreements with certain of its creditors whereby the Company will issue up to
4,000,000 Class A Shares of the Company at a deemed price of $0.15 per share in
satisfaction of up to $600,000 of its outstanding debts. The Bank and settlement
agreements will also be subject to Exchange approval and the securities issued
will be subject to a four month hold period in accordance with applicable
securities laws.


The Company also announces an update with respect to the Asset Backed Commercial
Paper ("ABCP") issue. The Company has been advised that the Ontario Superior
Court has delayed the sanctioning of the proposed security plan (the "Plan")
until June 3, 2008, pending resolution of potential claims in fraud. If the Plan
is sanctioned on June 3, 2008, it is anticipated that the restructuring would be
completed by July, 2008, provided that there are no appeals to the process.


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


ADVISORY: 

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: i) The proposed restructuring of trade payables
and Bank debt due to the uncertainties surrounding the acceptance of such
proposals and the Company's ability to comply with all conditions which may form
part of the restructuring plan; and ii) Information relating to the Company's
ABCP due to uncertainties in the probability of the successful implementation of
the restructuring of the ABCP. It is anticipated that subsequent events and
developments may cause a change to the assumptions made by the Company. 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.


9,930,000 Class A Shares

1,080,000 Class B Shares