Nexstar Energy Files 2007 Financial and Reserve Results and Provides Corporate Update

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

Nexstar Energy Ltd. ("Nexstar Energy" or the "Company") (TSX VENTURE:NXE.A) (TSX
VENTURE:NXE.B) announces that its financial and operating results for the three
months and year ended December 31, 2007 have been filed on the System for
Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. The
Company also advises that it has filed its audited financial statements,
Management's Discussion and Analysis and its National Instrument 51-101 F1, F2
and F3 oil and gas reserve information for the year ended December 31, 2007 on
SEDAR.


In addition, the Company provides the following corporate update regarding its
financial position and future plans:


Financial

At December 31, 2007, the Company had a working capital deficiency of $6.4
million including the Company's bank debt but excluding its $5.0 million (face
value) investment in asset backed commercial paper ("ABCP"). In addition, the
Company incurred a net loss of $9.2 million for the year ended December 31,
2007. Several factors led to the Company's current financial position. A primary
factor was the global situation surrounding ABCP which resulted in the Company's
investment in Apsley Trust ABCP becoming illiquid in August, 2007. This amount
represented the majority of the Company's most significant asset - cash, the
source of which was flow-through funds from the Company's initial public
offering. The effect of the ABCP situation on the Company has been severe. The
situation not only impacted the Company's access to its own cash, but also the
Company's ability to raise significant equity due to the uncertainties
surrounding the value and the final disposition of the Company's ABCP. A
restructuring proposal for the ABCP has been presented and was approved by a
majority of the noteholders on April 25, 2008. The outcome of the vote is still
subject to final court approval. There are currently outstanding legal
challenges before the courts related primarily to the legal immunities granted
to specific parties under the restructuring proposal. Under the proposal, the
Company would receive various classes of notes in exchange for its existing
Apsley Trust note. Of the exchanged notes, approximately $1.9 million would be
excluded from the restructuring proposal, due to assets defined as ineligible.
Based upon information to date and assumptions made by management, the Company
recorded an impairment of $1.7 million on the $5.0 million note, with impairment
ranging from 24% to 49% based on the proposed classes of notes. A change in any
assumptions could significantly impact the fair market value of the notes.
Should the proposal be accepted, it is anticipated that a secondary market would
develop for the better quality notes. A detailed description of the
restructuring proposal and note valuation is presented in note 3 to the
Company's financial statements dated December 31, 2007. It is noted on April 8,
2008, the Company's banker announced a global policy for its commercial holders
of ABCP. The policy indicates that the bank would provide lending of up to 75%
of the value of excluded notes on a non-recourse basis and 75% to 100% on the
notes included in the restructuring proposal, on a recourse basis. This would
result in the Company's ability to transfer approximately $1.4 million of the
existing bank debt to a new credit facility with recourse only to the excluded
notes. The banking proposal is subject to the restructuring proposal being
accepted.


A further impact on the Company's situation was its inability to expend the
required $12.0 million flow-through commitment, resulting in a shortfall of
approximately $2.9 million in 2007. As stated above, a significant amount of the
Company's available cash was illiquid and the value of the asset uncertain,
making raising significant capital extremely difficult. As a result of the time
delays and the Company's inability to meet this commitment, interest charges,
taxes and penalties totaling $1.9 million were incurred, including $1.1 million
to indemnify the original subscribers for the shortfall in spending on
qualifying expenditures. The Company may be able to reduce this amount by as
much as $0.9 million, by amendment of the original subscription agreement to
incorporate a combination of the look-back rule and the 24 month period. This
would provide the Company with the opportunity to reduce the $1.1 million
indemnity to approximately $0.2 million, provided the Company is able to spend
the shortfall amount on qualifying expenditures by August 10, 2008. In order to
achieve this, the Company plans to request that large specific subscribers agree
to the amendment and the Canada Revenue Agency will be requested to accept the
amended subscription agreements. There is no assurance that either of these
events would occur. In addition to the ABCP, the Company had disappointing
drilling results in 2007, which contributed minimal additions to cash flow and
reserves leading to a significant balance sheet reduction of $6.2 million due to
a ceiling test write-down.


The Company has several wells in various stages of completion and tie-in and an
inventory of drilling prospects for which additional capital will be required.
The future operation of the Company is dependant on its ability to raise capital
to support its activities, to successfully explore, develop, produce and market
economically viable reserves and to receive the continued financial support from
its banker and creditors.


Operations

In late January 2008, seven Company interest wells (3.15 net) were undergoing
completion and testing. Four (1.8 net) non-operated wells were completed and
tested prior to spring break-up with uneconomic results in the primary zones of
interest. The re-completion of a secondary zone in one of these wells (0.5 net)
is planned in the second quarter although the Company may elect not to
participate. Testing operations on an operated well (0.5 net) in the Goodwin
area of Alberta resulted in oil recoveries and significant water and as a
result, this well has been suspended for further evaluation until next winter.
The successful completion and testing of two wells (0.85 net) in the Pembina
area is anticipated to result in the tie-in of these wells later in 2008 with
net production additions of approximately 40 boepd expected. As a result of
production declines, fluctuations in pipeline pressures and third party
processing plant outages, average production for the first quarter of 2008 is
estimated at 50 boepd. To minimize downtime experienced from variations in
pipeline pressures in the Pembina area, the Company plans to add well site
compression at its 100/04-19-47-3W5M Pembina area gas well after spring
break-up.


New Drilling Projects

Nexstar Energy holds a 33.34% working interest in 4,480 gross acres on a 3,100
metre deep exploration prospect indicated with 3-D seismic in the South
Whitecourt region of northern Alberta. On April 30, 2008, the Company will be
providing a pre-licensing submission to the Alberta Energy Resources
Conservation Board for the proposed drilling of this oil and natural gas
prospect. Subject to obtaining the necessary financing, regulatory approval and
surface access, it is anticipated that the South Whitecourt prospect could be
licensed and drilled by year end. In the Pembina area of Alberta, Nexstar Energy
recently participated in the successful recompletion of a well for Cardium oil
and associated gas. Following up on this success, the Company has identified
several light oil drilling prospects in the region to be exploited with vertical
and horizontal wells. Subject to the finalization of farm-in agreements,
obtaining the necessary financing and securing a joint venture partner, drilling
of the initial two wells on these prospects is expected to occur in the summer
of 2008. If the initial wells are successful, as many as five follow-up
locations have been identified by the Company.


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


For further information, please review Nexstar Energy's website.

ADVISORY: This news release may contain certain forward-looking statements,
including management's assessment of future plans and operations, and capital
expenditures and the timing thereof, that 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 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, the United States and overseas,
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 so, what benefits, including the amount
of proceeds, that the Company will derive therefrom. Readers are cautioned that
the foregoing list of factors is not exhaustive. 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,
except as may be required by applicable securities laws.


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.


9,930,000 Class A Shares

1,080,000 Class B Shares