CALGARY, AB and SAN ANTONIO, TX / ACCESSWIRE / May 12, 2020 / Nexera Energy Inc. (TSXV:NGY)(OTC:EMBYF) (the "Company" or "Nexera") reported that Hugo A. Gutierrez Jr. ("Hugo" or "HAGCO") has acquired the 50% interest owned by CWS Energy Resources Ltd. ("CWS") in the Duval County Ranch Company ("DCRC") project, and Hugo now owns 100% of the DCRC project. Nexera is the operator of DCRC and retains a 10% after payout interest.
The DCRC project consists of 5 leases totaling 896 acres in the Piedre Lumbre and Petrox-Government Wells fields, first discovered by Humble Oil in Duval County Texas. An oil major still owns the surface and deeper mineral rights on the lands, while Hugo and Nexera own the shallow rights, to depths just below the Mirando Sand (approx. 2,600') to the surface.
In partnership with Hugo and CWS, the Company began operations at DCRC in September, 2019, and development to date has taken place primarily on the 320 acre "E" lease. We have drilled the first four new wells, re-entered one existing well, and surveyed eleven additional locations for future drilling. In addition to the cash flow generated to Nexera as the operator of the project, it is estimated that the "E" lease has the potential of 300 - 400 bopd, (net 30 - 40 bopd to Nexera, after payout).
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 Nash Creek Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
For further information, please contact:
Nexera Energy Inc. President, Shelby D. Beattie, by telephone at (403) 262-6000
Email: [email protected]
www.nexeraenergy.com.
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.