NXE.B Nexstar Energy Ltd Com Npv Class b

Nexstar Energy Ltd. ("Nexstar Energy" or the "Company") (TSX VENTURE:NXE.A) (TSX
VENTURE:NXE.B) announces significant progress on its Cardium light oil
exploration and development program in the Pembina area of west central Alberta.
To date, the Company has participated in the drilling of five horizontal wells
of which three wells are currently on production, the fourth well has been
production tested with favourable results and the fifth well has been drilled to
target depth. 


In November, the Company expects to tie-in the fourth well for production,
complete and test the fifth well and participate in the drilling of two
additional horizontal wells including the drilling of a development well at East
Pembina and spudding of the Company's first well on its West Pembina block. The
Company will be participating for a 31.82% working interest and a 25% working
interest, respectively, in these new wells. The Company also plans to
participate in the drilling and completion of up to three additional horizontal
wells in the Pembina area in December, 2009, subject to surface access. 


The Company also reports that the first two wells completed in the Pembina
program are currently producing light oil at a combined gross rate of
approximately 220 bbls/d with 15 boepd of solution gas and no water. The third
well, a step-out well at East Pembina, has recovered all 4,660 barrels of frac
oil and is now producing new oil at a gross rate of approximately 35 bbls/d with
5 boepd of solution gas and no water. The first two wells are producing as
anticipated while the third well is producing below initial expectations, which
the Company believes results from mechanical or reservoir issues. Remedial
activities are being reviewed for this well. At present, the Company's net
production from the three wells is approximately 90 boepd.


The fourth well in the program flowed and recovered all 4,370 barrels of frac
oil and an additional 2,463 barrels of new oil during a 220 hour test period.
This well is presently shut-in for pressure buildup and is scheduled to be
tied-in and producing later this month. The Company has increased its working
interest in this well to 31.82% from 20.68% by assuming an increased share of
the well costs and reserving a gross-overriding royalty to a third party farmor.
The fifth well in the program, in which the Company has a 31.82% working
interest, was successfully drilled with a 1,234 metre lateral section and will
be fracture-stimulated and production tested later in November and is expected
to be on production in early December. 


The Company also reports that it has increased its land holdings in the Pembina
area and now controls approximately 10,720 gross acres (3,969 net acres) of
undeveloped Cardium lands and continues to hold a significant inventory of
Cardium light oil drilling locations with working interests varying between 20%
and 100%. 


The Company advises that a further 2,700,000 Class A Shares have recently been
issued as a result of the exercise of warrants and the number of issued and
outstanding Class A Shares of the Company has been increased to 97,611,169. The
Company also advises that there are currently 13,200,000 outstanding warrants
exercisable into flow-through Class A Shares of the Company, which expire at
4:30 p.m. (Calgary time) on November 23, 2009.


About Nexstar Energy

Nexstar Energy is an emerging junior oil and gas company focused on the drilling
and development of its Cardium light oil prospects in the Pembina area of west
central Alberta. 


For further information, please go to Nexstar Energy's website.

Reader Advisory

This news release may contain certain forward-looking statements, which include
assumptions with respect to (i) production; (ii) future capital expenditures;
(iii) funds from operations; (iv) cash flow; and (v) debt levels. The reader is
cautioned that assumptions used in the preparation of such information may prove
to be incorrect. All such forward-looking statements involve substantial known
and unknown risks and uncertainties, certain of which are beyond the Company's
control. Such risks and uncertainties include, without limitation, risks
associated with oil and natural gas exploration, development, exploitation,
production, marketing and transportation, loss of markets, volatility of
commodity prices, currency fluctuations, imprecision of reserve estimates,
environmental risks, competition from other producers, inability to retain
drilling rigs and other services, delays resulting from or inability to obtain
required regulatory approvals and ability to access sufficient capital from
internal and external sources, the impact of general economic conditions in
Canada and the United States, industry conditions, changes in laws and
regulations (including the adoption of new environmental laws and regulations)
and changes in how they are interpreted and enforced, increased competition, the
lack of availability of qualified personnel or management, fluctuations in
foreign exchange or interest rates, stock market volatility and market
valuations of companies with respect to announced transactions and the final
valuations thereof, and obtaining required approvals of regulatory authorities.
The Company's actual results, performance or achievements could differ
materially from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or occur, or if any
of them do, what benefits, including the amount of proceeds, the Company will
derive therefrom. Readers are cautioned that the foregoing list of factors is
not exhaustive. All subsequent forward-looking statements, whether written or
oral, attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. Furthermore, the
forward-looking statements contained in this news release are made as at the
date of this news release and the Company does not undertake any obligation to
update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as
may be required by applicable securities laws. 


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.


97,611,169 Class A Shares

1,080,000 Class B Shares

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