NEXERA ENTERS CONFIRMATION PHASE OF RECENT DISCOVERY
Nexera Energy Inc. (TSXV:NGY)(OTCPK:EMBYF)(the “Company” or “Nexera”) a South Texas operator of 540 oil wells is pleased to announce it has entered into the confirmation phase of its most recent discovery at the Company’s Stockdale Horizon property. The Stockdale Horizon 1H well was drilled horizontally in the Austin Chalk Formation. In testing to date, the well is flowing back load fluids, oil, and gas at rates in excess of 1 million cubic feet per day at approximately 1,500 psi.
Resulting from these positive preliminary indications, Nexera is now identifying additional drilling locations at Stockdale under a similar structure to its current non-dilutive financing agreement with Alliance Petroleum Interests. As previously announced, the company receives a premium to WTI oil prices. Further, the company operates exclusively within the continental United States, taking advantage of a well-established distribution network for its existing products, with no roadblocks to market.
The company announced a private placement on February 2, 2021, with investors mainly comprised of existing shareholders who are aligned and support the company’s goals. This private placement will ensure coverage of all existing overheads and uninterrupted progress toward Nexera’s goal of resource expansion in addition to its current production.
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.
