Contact Information: For further information contact: New Frontier Energy, Inc. Paul G. Laird President (303) 730-9994 Investor Contact: BC Capital Partners Bill Conboy Phone: (303) 415-2290
New Frontier Energy, Inc. Completes Testing Federal 12-1 Well at Focus Ranch Unit
| Quelle: New Frontier Energy, Inc.
DENVER, CO--(Marketwire - October 27, 2008) - 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, today announced
that it has finished preliminary testing of the Federal 12-1 well at the
Focus Ranch Unit.
"We are pleased with the initial results for the Federal 12-1 well, and we
are proceeding with requesting assignments of underlying leases in the Unit
approximating 36,900 gross acres. Upon completion of the assignments, New
Frontier Energy's total acreage in and adjacent to the Slater Dome Field
will increase to approximately 84,700 acres," said Paul G. Laird, President
and CEO of New Frontier Energy.
The testing of the well, drilled into Niobrara/Frontier formations,
resulted in natural gas and condensate flowing to the surface. The
Company's preliminary flow rates from testing the Frontier formation
approximated 1.2 million cubic feet of gas and 100 barrels of condensate
per day. Uphole testing of the Niobrara formation yielded flow rate
potentials of 1.3 million cubic feet of gas. Paul G. Laird, President and
CEO of NFEI, said, "We anticipate the Federal 12-1 well will produce
approximately 2.3 million cubic feet and 100 barrels of condensate per day,
and could add between 14 and 25 billion cubic feet of gas reserves to our
reserve base, depending upon the completion procedures utilized."
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
Forward-looking Statements
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.