Nexstar Energy Releases 2008 Reserves and Year End Financial Results

Nexstar Energy Ltd. ("Nexstar" or the "Company") (TSX VENTURE:NXE.A) (TSX
VENTURE:NXE.B) announces its financial and operating results for the three
months and year ended December 31, 2008. The audited financial statements and
Management's Discussion and Analysis have been filed on SEDAR at www.sedar.com.
The Company also announces its reserves for the fiscal year ended December 31,
2008 and advises that it has filed its National Instrument 51-101 F1, F2 and F3
oil and gas reserve information on SEDAR.


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.


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.


Disclosure provided herein in respect of barrel(s) of oil equivalent (boe) may
be misleading, particularly if used in isolation. A boe conversion ratio of 6
mcf:1 barrel is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead.


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