NEXERA PROVIDES UPDATE ON OIL PRODUCTION STORAGE PLANS
Nexera Energy Inc. (TSX Venture: NGY, OTC: EMBYD) (the “Company” or “Nexera”) provided the following update on the Company’s production plans during current commodity pricing conditions. The Company has added additional storage tanks on certain leases and, on most leases, the Company has the ability to continue to produce and store oil for up to six months without having to shut wells in. Additionally, the Company has the resources in place to efficiently maintain operations, even in the unlikely scenario that the Company does not sell any oil in a given month.
Shelby Beattie, President and CEO of Nexera commented: “We are fortunate to have the flexibility and sustainability to maintain operations during these unprecedented times. In addition to acquiring additional tanks, we are also in the unique position of owning our own tank hauling equipment which allows us to move tanks from lease to lease as needed, at no cost. We are confident that we will see better commodity pricing in the coming months which we will take advantage of as we continue to produce and store our oil until that time.”
ABOUT NEXERA ENERGY INC.
Nexera Energy Inc. (TSX Venture: NGY) is an energy company with oil producing properties in Southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Nash Creek Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
For further information, please contact:Nexera Energy Inc. President, Shelby D. Beattie, by telephone at (403) 262-6000 Email: info@ebyinc.com www.nexeraenergy.com.
Neither 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.
