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Nextraction Announces Successful Stimulation Of Horizontal Well On Its Viking Light Oil Property In Provost, Alberta

Stocks in this article: NE

CALGARY, Alberta, Feb. 18, 2014 (GLOBE NEWSWIRE) -- Nextraction Energy Corp. (TSXV:NE) (the " Company" or " Nextraction") is pleased to announce that the Company has successfully fracture stimulated the 102/12-36-036-07W4 (" 12-36") horizontal well on its light oil property in Provost, Alberta. The well was drilled into the Viking formation at a depth of 800 meters with a horizontal leg of 570 meters. The well was fractured stimulated in 13 stages with 10 tonnes of sand per stage. The well was flowed back on clean up to recover the frack fluid and immediately began producing light oil. The well is currently shut-in to install surface facilities and pumping equipment to place the well into continuous production.

Despite harsh winter conditions during execution of the project, field costs have been estimated at $1.15 million to drill and complete the well, which is approximately 33% lower than previous wells drilled on Nextraction's property and in line with major Viking operators in the area. As disclosed previously, Nextraction is the operator of the 12-36 well and has a 100% working interest in the well until payout.

Company President Kent Edney states, "We are very pleased with the successful completion of the 12-36 well and the execution of the project by the Nextraction team. The significant reduction in costs from previous drilling programs is an important milestone for the Company and a step change in the economics of Nextraction's wells in the field. Production from the 12-36 well is anticipated to commence on March 1, 2014 and results will be announced as they become available."

For further information, please visit the Company's website at www.nextraction.com or contact us by email at info@nextraction.com or call:

Kent Edney, P.Eng.           Scott Badcock, CA
President     or         CFO
Phone: (403) 514-2373           Phone: (403) 514-2399

READER ADVISORY

Cautionary Note Regarding Forward Looking Statements

Certain statements made and information contained herein may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "may have", "could", "would", "might" or "will" be taken, occur or be achieved.

Although management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

These statements speak only as of the date of this News Release and are expressly qualified, in their entirety, by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  

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