SCOTTSDALE, AZ--(MARKET WIRE)--Jun 5, 2009 -- Northern Explorations Ltd. (OTC BB:NXPN.OB - News) ("Northern," "Norex" or the "Company") is pleased to announce it has recently been advised of key developments regarding pipeline construction activities at its Southern Alberta Gas Project.
The Company has been informed by the operator that they are now in receipt of the required environmental permits from both the Province and local regulatory authorities thereby allowing for the commencement of pipeline construction.
On January 14th, Norex announced that the Company will acquire petroleum related assets in Alberta, Canada that include a 49% interest in a natural gas processing and compression facility; natural gas pipeline, additional infrastructure and certain lands associated to the infrastructure. This project has been found to have the potential to contain over 8 BCF of natural gas. The Company also has the option to obtain the remaining 51% interest from the owner over a 2 year period.
The most significant element to the acquisition and overall project development entails the gas processing plant which was originally constructed in 2004. The plant is capable of processing sour gas by a regenerative solution, as well as sweet gas compression, gas metering and water storage. The facility is a strategically key component to the downstream production of gas from the pipeline.
Norex also acquires a network of 5, six-inch natural gas pipelines that connect to a major trunk line operated by Encana and that extend towards three gas wells ready for tie-in. The final permitting application process and licensing of the plant will be completed shortly, thereby allowing Norex to put the project on line and to commence production. Further details will be announced as they become available.
Norex is currently finalizing the Purchase and Sale Agreements with the vendor to complete the aforementioned transaction and anticipates closing shortly with full details to be announced within 10 days.
ABOUT NOREX ENERGY (NORTHERN EXPLORATIONS LTD.) (OTC BB:NXPN.OB - News)
Norex Energy (Northern Explorations Ltd.) is an energy exploration Company currently developing natural gas projects across North America. The Company has acquired working interests in natural gas assets located in Texas as well as projects in California and Alberta, Canada. The projects contain documented gas reserves and associated plant, pipeline and infrastructure currently in place.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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