Northern Explorations Details Interest in Ozona Project, West Texas Natural Gas Play
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SCOTTSDALE, AZ, Jun 01 (MARKET WIRE) --
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.
Information:
1-(866) 570-9822
Copyright 2009, Market Wire, All rights reserved.
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