DALLAS, TX--(Marketwire - 07/30/09) - Northern Explorations Ltd. (OTC.BB:NXPN - News) ("Northern," "Norex" or the "Company") is pleased to announce that it received notice today from its working interest partners that the project operator has reserved a drilling rig and plans to mobilize and spud the first well in the Randall Island gas prospect during the week of August 21st.
As previously announced, the first well of the program is planned to target the apparent 50 feet of net pay at a depth of 7,800 feet. Should the target prove to be 100% gas filled and is commercially viable, this first well has a projected initial production rate (I.P.R.) of 2,000 to 4,000 MCF per day, from an estimated 3.6Bcf gas pool.
If the well is successful, the operator plans to tie into an existing pipeline that is less than 1/2 mile from the site, and the gas customer will be PG&E Citygate.
ABOUT NOREX ENERGY (NORTHERN EXPLORATIONS LTD.) (OTC.BB:NXPN - 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 drilling prospects located in California, and is pursuing projects in Texas.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements." 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.
To find out more about Norex Energy or Northern Explorations Ltd. (OTC.BB:NXPN - News), visit our website at www.norexenergyinc.com.
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