New Frontier Energy, Inc. Completes Testing Federal 12-1 Well at Focus Ranch Unit
DENVER, CO – October 27, 2008– New Frontier Energy, Inc. (NFEI: OTCBB), a natural resource company engaged in the exploration, acquisition and development of oil and gas properties in the United States, today announced that it has finished preliminary testing of the Federal 12-1 well at the Focus Ranch Unit.
“We are pleased with the initial results for the Federal 12-1 well, and we are proceeding with requesting assignments of underlying leases in the Unit approximating 36,900 gross acres. Upon completion of the assignments, New Frontier Energy’s total acreage in and adjacent to the Slater Dome Field will increase to approximately 84,700 acres,” said Paul G. Laird, President and CEO of New Frontier Energy.
The testing of the well, drilled into Niobrara/Frontier formations, resulted in natural gas and condensate flowing to the surface. The Company’s preliminary flow rates from testing the Frontier formation approximated 1.2 million cubic feet of gas and 100 barrels of condensate per day. Uphole testing of the Niobrara formation yielded flow rate potentials of 1.3 million cubic feet of gas. Paul G. Laird, President and CEO of NFEI said, “We anticipate the Federal 12-1 well will produce approximately 2.3 million cubic feet and 100 barrels of condensate per day, and could add between 14 and 25 billion cubic feet of gas reserves to our reserve base, depending upon the completion procedures utilized.”
About New Frontier Energy, Inc.
Based in Denver, CO, New Frontier Energy, Inc. is an independent natural resource company engaged in the exploration, acquisition and development of oil and gas properties in the United States. New Frontier Energy has interests in four properties, the Slater Dome Field, located in northwest Colorado and south central Wyoming; the Flattops Prospect located in southwest Wyoming; the Amber Waves Prospect in the Denver Julesburg Basin located in northeast Colorado, and has entered into a farm-out agreement to acquire the Farmor’s interest, ranging between a 74% and a 99% working interest on a lease by lease basis, in the Focus Ranch Federal Unit, located in Routt County, Colorado adjacent to and southeast of the Slater Dome Field.
New Frontier Energy is focused on expanding CBM gas production at the Slater Dome Field, and exploring the adjacent Focus Ranch Unit and Flattops prospects. The Slater Dome Field is a coal bed methane development project located in the Sand Wash Basin or Atlantic Rim area near the Colorado and Wyoming border, and is a sub-basin of the Greater Green River Basin. The company owns controlling interest in an 18-mile pipeline that delivers gas from the Slater Dome Field to a regional transportation hub in Baggs Wyoming. The Company is in the process of marketing the Amber Waves Prospect to industry drilling partners. New Frontier Energy's common stock is listed on the over the counter bulletin board under the symbol "NFEI." Additional information about New Frontier Energy, Inc. can be found at the Company's website www.nfeinc.com
Forward-looking Statements
The statements contained in this press release which are not historical fact are forward looking statements that involve certain risks and uncertainties including, but not limited to, decreases in prices for natural gas and crude oil, unexpected decreases in gas and oil production, the timeliness, costs and success of development activities, unanticipated delays and costs resulting from regulatory compliance, and other risk factors described from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. No assurances can be given that these statements will prove to be accurate. A number of risks and uncertainties could cause actual results to differ materially from these statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
For further information contact:
New Frontier Energy, Inc.
Paul G. Laird, President
(303) 730-9994
Investor Contact:
BC Capital Partners
Bill Conboy
Phone: (303) 415-2290
