Nexstar Energy Releases Third Quarter 2008 Financial Results

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 its third quarter results for the three and nine month
periods ended September 30, 2008. 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, 2007, all of which are filed and now available for viewing on
SEDAR at www.sedar.com. The financial information will also be posted on the
Company's website at www.nexstar-energy.com.


The Company also advises that it has cancelled all of the 669,998 outstanding
options to purchase Class A Shares previously issued to the directors, officers
and employees of the Company, subject to applicable regulatory approval.


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.


13,032,869 Class A Shares

1,080,000 Class B Shares

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.