![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Tuesday, June 16, 2009 10:04:51 PM
Northern Explorations Acquires First Production Gas Well at Ozona Project, West Texas
Northern Explorations Acquires First Production Gas Well at Ozona Project, West Texas
SCOTTSDALE, AZ -- (Marketwire) -- 06/03/09 -- Northern Explorations Ltd. (OTCBB: NXPN) ("Northern," "Norex" or the "Company") is pleased to announce that the Company has acquired its first gas well at the Ozona gas project, Crockett County, Texas as part of its acquisition agreement with Dominus Energy AG.
The gas well is included as part of the package acquired at the Ozona Project by the Company and provides Norex with a current producing asset with daily gas production sales. Northern Explorations d.b.a. Norex Energy is therefore in production at Ozona.
The natural gas well was drilled, cased, completed and stimulated in the Wolfcamp Canyon Sandstone Formation. Upon tie-in to the pipeline infrastructure, the well has been producing gas since May of 2009 at daily rates of 200 MCF per day.
Estimates of gas reserves associated with this well are approximately 0.5 BCF. The gas is sold under a purchase agreement with Eagle Rock Energy and is currently priced at a bid-week production price of $4.04 per MCF.
This initial well is the first of 20 wells that will be drilled and completed on the leased acreage. Further details will be announced to stakeholders regarding the timing of the on-going development plan at the Ozona Project.
Norex President Mark Schaftlein states, "The inclusion of the production well in the purchase package acquired by Norex is a huge boost as it immediately transforms us into a cash flow positive position. We have effectively sidestepped the time line that normally occurs during the development of a first well of a program. Having acquired immediate gas production is a large step forward for the Company."
About the Ozona Gas Project:
The project encompasses approximately 9,000 acres and is a well documented and prolific location enjoying the presence of actively established companies such as Chesapeake, Devon, EOG, XTO, and Quicksilver Exploration. Norex is currently producing gas at Ozona. Norex has acquired a 63% Working Interest in the project located near Ozona in Crockett County, Texas. Under the terms of the underlying agreement with the vendors, Norex will receive a 47.5% Net Revenue Interest in all natural gas production from the project.
ABOUT NOREX ENERGY (NORTHERN EXPLORATIONS LTD.) (OTCBB: NXPN)
Norex Energy (Northern Explorations Ltd.) is an energy exploration Company currently developing natural gas projects across North America. The Company has acquired working interests in natural gas assets located in Texas as well as projects in California and Alberta, Canada. The projects contain documented gas reserves and associated plant, pipeline and infrastructure currently in place.
Notice Regarding Forward-Looking Statements
Recent VYEY News
- Form 8-K - Current report • Edgar (US Regulatory) • 08/21/2024 08:15:08 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 05/15/2024 09:18:02 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/05/2024 08:31:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/14/2024 09:21:16 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/05/2024 08:47:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/04/2023 10:14:09 PM
- Form D - Notice of Exempt Offering of Securities • Edgar (US Regulatory) • 09/19/2023 01:56:19 PM
Element79 Gold Corp Appoints Warren Levy to Board of Directors • ELMGF • Aug 28, 2024 9:51 AM
Integrated Ventures Announces Strategic Entry Into Health & Wellness Industry with Focus on GLP-1 Products • INTV • Aug 28, 2024 8:30 AM
ELEMENT79 ANNOUNCES UPLISTING TO OTCQB VENTURE MARKET • ELMGF • Aug 26, 2024 10:03 AM
North Bay Resources Announces Gold Assays up to 2.2 Ounces per Ton, Fran Gold Project, British Columbia • NBRI • Aug 26, 2024 10:00 AM
PickleJar Unveils Latest Venue Managed Services Innovations in Upcoming Webinar • PKLE • Aug 23, 2024 1:11 PM
Element79 Gold Corp Provides Update on Nevada Portfolio • ELMGF • Aug 23, 2024 8:00 AM