SCOTTSDALE, AZ--(MARKET WIRE)--Jun 1, 2009 -- Northern Explorations Ltd. (OTC BB:NXPN.OB - News) ("Northern," "Norex" or the "Company") is pleased to announce that the Company has now completed the execution of a definitive agreement in regards to the "Ozona Gas Project" with Swiss-based resource management corporation Dominus Energy AG.
Under the terms of the agreement, Norex has acquired a 63% Working Interest in the project located near Ozona in Crockett County, Texas. The agreement is based on future commitments whereby Norex will pay 100% of the cost of drilling and completion of the gas wells in exchange for their 63% Working Interest. Under the terms of the underlying agreement with the vendors and royalty holders, Norex will receive a 47.5% Net Revenue Interest in all natural gas production from the project.
This news is a welcome announcement given that the commodities markets have responded as world stock markets rallied and investors banked on hopes that the global recession is easing. Norex believes that the prices for natural gas will continue to increase as the economy continues to show signs of recovery.
The Ozona project encompasses 9,000 acres and is a well documented and prolific location enjoying the presence of actively established companies such as Chesapeake, Devon, EOG, XTO, and Quicksilver Exploration. Norex and partners will further detail the program following completion of the requisite documentation which will involve the drilling, completion and tie-in of 20 natural gas wells.
The Company is a reporting issuer which provides public disclosure under the securities and exchange act of 1934. Complete details of our agreements will be filed publicly where subject to and as required by law under the auspices of the Securities and Exchange Commission (SEC).
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 a majority working interest in natural gas assets located in California and Alberta, Canada which have the combined potential to contain 16 BCF gas along with associated plant, pipeline and infrastructure.
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.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment