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. Sets Production Casing on the First Well in 2007 Fall Drilling Program
| Source: New Frontier Energy, Inc.
DENVER, CO--(Marketwire - November 28, 2007) - 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 production casing has been set in the Battle Mountain Federal 12-13,
the first well in the fall drilling program at the Slater Dome Field.
"We are pleased with preliminary results from this well and the rig has
moved to the second drilling location in our 2007 fall development
program," said Paul Laird, President of New Frontier Energy, Inc. "The
second well, when completed will conclude the drilling program for 2007."
"The total number of new wells drilled for 2007 will fall short of our
original plan primarily due to delays in rig availability," said Paul
Laird. "In order to maximize gas production during 2007 our development
efforts shifted toward reworking the existing producing wells at Slater
Dome."
New Frontier Energy achieved a four-fold increase in gross production at
the Slater Dome field as a result of the 2007 workover program. Gross
production at Slater Dome for the 30 day period ended November 15, 2007
averaged approximately 1 million cubic feet per day. The Company
anticipates gas volumes to grow substantially during 2008 as dewatering
continues, new wells are connected to the pipeline, and additional
compression equipment is added to the field.
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 three principal properties, the Slater Dome Field, located in
northwest Colorado and south central Wyoming; the Flattops Prospect located
in southwest Wyoming; and has entered into a farm-out agreement to acquire
75% working interest in the Focus Ranch Federal Unit, located in Routt
County, Colorado adjacent to and southeast of the Slater Dome Field.
New Frontier Energy is focusing 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 a majority of the limited partnership interests in an 18-mile
gas gathering line that delivers gas from the Slater Dome Field to a
transportation hub. 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.