Nexstar Energy Releases First Quarter Results and Provides Operational Update

Nexstar Energy Ltd. ("Nexstar" or the "Company") (TSX VENTURE:NXE.A) (TSX
VENTURE:NXE.B) announces its first quarter results for the three months ending
March 31, 2009. The Unaudited Financial Statements and Management's Discussion
and Analysis ("MD&A") for the quarter should be read in conjunction with the
Audited Financial Statements and the MD&A for the year ended December 31, 2008,
all of which are filed and now available for viewing on the System for
Electronic Disclosure and Analysis ("SEDAR") at www.sedar.com. The Company also
advises that its corporate presentation has been updated on its website at
www.nexstar-energy.com. 


Operational Update

The Company announces updated production results from its recently drilled
exploratory Cardium horizontal well operated by Bonterra Oil and Gas Ltd.
("Bonterra") in the Pembina area of west central Alberta. This farmin earning
well has produced a total of 23,000 barrels of light oil in 118 days and is
currently producing approximately 140 barrels of oil equivalent per day. The
Company holds a 31.82% working interest in the well which has been designated as
a new pool well by the Alberta Energy Resources Conservation Board ("ERCB") and
been granted a Good Production Practice exemption by the ERCB. 


The Company presently owns an average 28% working interest in ten sections of
undeveloped lands in the Pembina area with a further five sections controlled
under various option agreements. The Company, and its joint venture partner
Bonterra, plan to drill a second Cardium horizontal well within the next 30
days, subject to surface access. This development well will target a reservoir
similar to that encountered in the initial discovery well. The Company
anticipates participating in the drilling of additional horizontal Cardium wells
in the Pembina area in 2009 in order to further evaluate the potential of the
Cardium play.


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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