Northern Explorations Signs MOU to Acquire West Texas Natural Gas Interests
May 29 2009 - 4:15PM
Marketwired
Northern Explorations Ltd. (OTCBB: NXPN) ("Northern," "Norex" or
the "Company") is pleased to announce it has entered into an
agreement with Swiss-based resource management corporation Dominus
Energy AG whereby Norex intends to secure a percentage interest of
Dominus' working interest in a large, gas production play located
in West Texas.
The Texas Gas Project currently consists of 22 existing
production gas wells located adjacent to the town of Ozona in
Crockett County, Texas. The project encompasses 12,900 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 President, Mark Schaftlein comments, "We are very pleased
to enter into this agreement. This addition to our portfolio is
extremely positive and an excellent fit that will rapidly enhance
our corporate goals towards becoming an innovative producer of
clean energy solutions for America. We anticipate that we should be
able to announce a formal purchase and sale agreement shortly.
Further announcements will be made as quickly as they become
available."
The Company is a reporting issuer which provides public
disclosure under the Securities Exchange Act of 1934. Complete
details of our agreements will be filed as required by law and made
available to the public under the auspices of the Securities and
Exchange Commission (SEC).
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 a majority working
interests in natural gas assets located in California and Alberta,
Canada which have the combined potential to contain 16 BCF gas
along with associated plant, pipeline and infrastructure.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other things, the
development, costs and results of our exploration program at our
properties and any anticipated future production. Actual results
could differ from those projected in any forward-looking statements
due to numerous factors. Such factors include, among others, the
inherent uncertainties associated with petroleum exploration and
development stage exploration companies. These forward-looking
statements are made as of the date of this news release, and we
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that the beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no assurance that
such beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set forth
herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-KSB for the most recent
fiscal year, our quarterly reports on Form 10-QSB and other
periodic reports filed from time-to-time with the Securities and
Exchange Commission.
ON BEHALF OF THE BOARD
Norex Energy (Northern Explorations Ltd.)
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David Naylor, CFO
To find out more about Norex Energy or Northern Explorations
Ltd. (OTCBB: NXPN), visit our website at
www.norexenergyinc.com.
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Contact: Northern Explorations Ltd. Information: 1-(866)
570-9822 www.norexenergyinc.com