Nextraction Announces Grant of OptionsMarch 24, 2010
Vancouver, BC - Nextraction Energy Corporation (TSX-V: NE) (the "Company") is pleased to announce it has retained Ascenta Capital Partners Inc., of Vancouver, British Columbia, to provide investor relations services.
Ascenta will receive a monthly retainer of $6,000 for a 5-month term after which the monthly retainer will be reduced to $2,500. The Company will also issue, as compensation to Ascenta, an option to purchase 100,000 common shares pursuant to the company's stock option plan. The options are exercisable at a price of C$1.19 per share. The options are subject to regulatory and shareholder approval.
"I'm very pleased and excited to be working with Nextraction" stated Jim Glass, Principal at Ascenta Capital. "I have been following the Pinedale developments since its discovery in the ‘90s and recognize the value and potential that it, and the Appalachian Basin Project, provides to current and future shareholders."
Since 2001, Jim Glass has been a principal at Ascenta Capital where he is responsible for business development and sales, as well as acting as lead on key accounts. Jim has a diversified business background that includes the management, operation and administration of public companies. He has successfully taken companies from their formative stages through to development, financing and initial public offering. Jim spearheaded the development of Gresham Resources Inc., a leading junior oil and gas company with $20 million in annual revenues. In 2002, Alberta-based True Energy Inc. (TSX: TUI) acquired Gresham. Jim has overseen the investor relations for, and worked closely with a number of public companies, including True Energy Trust and Reliable Energy Ltd.
About Ascenta Capital Partners Inc.
Ascenta is a leading provider of investor relations services to public companies in Canada. Since 2000, Ascenta has been assisting public companies with investor relations and corporate communications. Its team has worked for companies ranging from micro and midcap resource and technology companies to Fortune 500 multinationals.
About Nextraction Energy Corp.
Nextraction Energy Corp. is a Canadian junior oil and gas company engaged in the exploration and development of oil and natural gas in North America. Nextraction targets projects with known reserves that provide lower risk, high return development opportunities in both conventional and unconventional resource plays, where our technical expertise can be applied to enhance production. The Company is headquartered in Vancouver, BC, Canada, and is currently developing a tight-sands gas play on the Pinedale Anticline in the Green River Basin region of western Wyoming, and a large Chattanooga shale gas resource play in Eastern Kentucky and Tennessee.
On behalf of the Board of Nextraction Energy Corp.
"Mark S. Dolar"
President and CEO
FORWARD LOOKING STATEMENTS DISCLAIMER
Certain statements in this document may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Often, but not always, forward-looking statements or information may be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulations Services Provider have reviewed this release and does not accept responsibility for the adequacy or accuracy of this release.
For further information on behalf of Nextraction Energy Corp, please contact:
Karmen Jade Birss
Manager, Corporate Development
Nextraction Energy Corp.
Toll Free: 1-888-630-0370