Nexera Energy Increases Ownership in Marpat Leases
Nexera Energy Inc. (TSX Venture:NGY) (the “Corporation”, the “Company” or “Nexera”) is pleased to announce that the Company increased its ownership in the Marpat leases in the Somerset field of Bexar County, Texas, from 25% to 100% for approximately USD $160,000.
At the time of the acquisition the Marpat properties consisted of four leases, with four oil wells per lease. The leases were consolidated into one lease, with 17 wells, and the Company has sold a 50% interest in Marpat lease for CDN $300,000. The Company will use the funds from the sale to bring all Marpat wells on production as well as optimizing other wells that the Company owns in the Somerset field.
Shelby Beattie, CEO of Nexera commented, “We are thrilled to have reached these agreements as we take advantage of high oil prices. Acquisitions such as these are a key part of Nexera’s strategy to grow daily production using our Company’s unique ability to operate shallow oil wells efficiently and cost effectively.”
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. The Company also owns 100% of Production Resources Inc., a South Texas oil company.
For further information, please contact:
Nexera Energy Inc. President, Shelby D. Beattie, (403) 262-6000, info@nexeraenergy.com, www.nexeraenergy.com.
