New Frontier Energy, Inc. Provides Operational Updates
New Frontier Energy, Inc. (OTCBB: NFEI), a natural resource company engaged in the exploration, acquisition and development of oil and gas properties in the United States, announced today operational developments for the Slater Dome Field and Focus Ranch Unit.
The Battle Mountain 13-5 well, drilled during the 2007 program, has reached the final stages of completion and is expected to be placed in production during October. The company encountered significant shows of oil during the completion process. NFEI holds a 66% working interest at the Slater Dome Field.
The Federal 12-1 well located on the adjacent Focus Ranch Unit is scheduled for testing during October. The company plans a 24 hour flow test in both the Niobrara and Frontier formations to determine if commercial quantities of gas are present in the well.
New Frontier Energy has executed a farmout agreement whereby the Company will acquire an average 74% working interest and become the operator of the 36,891 gross acres Focus Ranch Unit. The acreage is strategically located adjacent to the Slater Dome Field and gas pipeline. The Federal 12-1 well is located approximately 9 miles from the Company’s compression facility at Slater Dome.
Paul G. Laird, President of New Frontier Energy said, “While it is early in the evaluation process for the Battle Mountain 13-5 we are very encouraged with the potential for oil production, along with the potential for gas production from the Iles coal section. Further testing is in progress which will determine the final steps of how the well is completed.”
“The Federal 13-5 well has confirmed several geologic features identified by our 2D seismic analysis and the Company plans to offset a well targeting similar features in the vicinity of the Federal 13-5 this fall,” said Paul Laird, President of New Frontier Energy, Inc.
New Frontier Energy CEO, Paul Laird will host an investor Q&A webcast on Thursday, September 18, 2008 at 4:15 p.m. Eastern time. Please contact NFEI investor relations at 303-415-2290 for additional information. To register in advance for the webcast visit http://www.visualwebcaster.com/event.asp?id=51453
What: Operations Update and Investor Q&A Webcast
When: Thursday, September 18, 2008 at 4:15 p.m. Eastern Time
How: Live over the Internet – Via the New Frontier Energy website
About New Frontier Energy, Inc.
Based in Denver, CO, New Frontier Energy, Inc. is an independent natural resource company engaged in the exploration, acquisition and development of oil and gas properties in the United States. New Frontier Energy has interests in four properties, the Slater Dome Field, located in northwest Colorado and south central Wyoming; the Flattops Prospect located in southwest Wyoming; the Amber Waves Prospect in the Denver Julesburg Basin located in northeast Colorado, and has entered into a farm-out agreement to acquire the Farmor’s interest, ranging between a 74% and a 99% working interest on a lease by lease basis, in the Focus Ranch Federal Unit, located in Routt County, Colorado adjacent to and southeast of the Slater Dome Field.
New Frontier Energy is focused on expanding CBM gas production at the Slater Dome Field, and exploring the adjacent Focus Ranch Unit and Flattops prospects. The Slater Dome Field is a coal bed methane development project located in the Sand Wash Basin or Atlantic Rim area near the Colorado and Wyoming border, and is a sub-basin of the Greater Green River Basin. The company owns controlling interest in an 18-mile pipeline that delivers gas from the Slater Dome Field to a regional transportation hub in Baggs Wyoming. The Company is in the process of marketing the Amber Waves Prospect to industry drilling partners. New Frontier Energy’s common stock is listed on the over the counter bulletin board under the symbol “NFEI.” Additional information about New Frontier Energy, Inc. can be found at the Company’s website www.nfeinc.com.
The statements contained in this press release which are not historical fact are forward-looking statements that involve certain risks and uncertainties including, but not limited to, decreases in prices for natural gas and crude oil, unexpected decreases in gas and oil production, the timeliness, costs and success of development activities, unanticipated delays and costs resulting from regulatory compliance, and other risk factors described from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. No assurances can be given that these statements will prove to be accurate. A number of risks and uncertainties could cause actual results to differ materially from these statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
Investor contact: BC Capital Partners Bill Conboy (303) 415-2290 For further information contact: New Frontier Energy, Inc. Paul G. Laird President (303) 730-9994
SOURCE: New Frontier Energy, Inc.