CALGARY, AB / ACCESSWIRE / November 28, 2023 / Nexera Energy Inc. (TSX Venture:NGY) (the "Corporation", the "Company" or "Nexera") is pleased to announce that the Company increased its ownership in the Marpat leases in the Somerset field of Bexar County, Texas, from 25% to 100% for approximately USD $160,000.
At the time of the acquisition the Marpat properties consisted of four leases, with four oil wells per lease. The leases were consolidated into one lease, with 17 wells, and the Company has sold a 50% interest in Marpat lease for CDN $300,000. The Company will use the funds from the sale to bring all Marpat wells on production as well as optimizing other wells that the Company owns in the Somerset field.
Shelby Beattie, CEO of Nexera commented, "We are thrilled to have reached these agreements as we take advantage of high oil prices. Acquisitions such as these are a key part of Nexera's strategy to grow daily production using our Company's unique ability to operate shallow oil wells efficiently and cost effectively."
For further information, please contact:
Nexera Energy Inc.
Shelby D. Beattie, President
(403) 262-6000
info@nexeraenergy.com
www.nexeraenergy.com
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 Stockdale Horizon Projects. The Company also owns 100% of Production Resources Inc., a South Texas oil company.
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
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.
SOURCE: Nexera Energy Inc.
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