Northern Explorations Details Interest in Ozona Project, West Texas Natural Gas Play
June 01 2009 - 9:00AM
Marketwired
Northern Explorations Ltd. (OTCBB: NXPN) ("Northern," "Norex" or
the "Company") is pleased to announce further details of the
agreement on the "Ozona Gas Project," to be executed with
Swiss-based resource management corporation Dominus Energy AG.
Norex is negotiating 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.
The project encompasses 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 and partners will further detail the program
following completion of the requisite documentation which will
involve the drilling, completion and tie-in of 20 natural gas
wells.
Norex CFO David Naylor comments, "We are very pleased to
negotiate such a considerable Net Revenue Interest in this
outstanding gas play and will be moving forward quickly to becoming
cash flow positive by rapid acceleration of field operations. We
believe that Norex can meet the drilling schedule as proposed by
the operator of up to 2 wells per month which should provide us the
operational cash flow towards fully exploiting the prospect."
The Company is a reporting issuer which provides public
disclosure under the securities and 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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Information: 1-(866) 570-9822