NEXERA PROVIDES UPDATE ON HUEBINGER AND STOCKDALE WELLS
Nexera Energy Inc. (TSX Venture: NGY, OTC: EMBYF) (the “Corporation”, the “Company” or “Nexera”) reported today that the Huebinger E1 well has averaged 26 barrels of oil per day during its first six weeks of production.The Company is very encouraged by these initial rates. With anticipated first year production of 8,700 barrels, the well is expected to pay out in approximately seven months.
Additionally, the Company has now successfully drilled the second well on the Huebinger lease, Huebinger E2. The well has been completed in the Buda formation, and will be on production this week.The Huebinger E1 and E2 wells were drilled on the Company’s Wooden Horse property and represent the latest vertical wells drilled at Wooden Horse. At approximately 2600’ deep, the wells can be drilled and put on production economically and quickly, and with the recent results at E1 and E2, the Company has now identified five new locations for future drilling.
The Company is also pleased to report that, at the Company’s Stockdale Horizon project, the McGrew 1H horizontal Austin Chalk well is now equipped and on production. Further information on initial production rates will be released as they become available.
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 Stockdale Horizon Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, HagCo, and MarPat partnerships. The Company also now owns 100% 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@nexeraenergy.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.
