CALGARY, AB and SAN ANTONIO, TX / ACCESSWIRE / October 19, 2021 / Nexera Energy Inc. (TSXV:NGY)(OTC PINK:EMBYF) (the "Corporation", the "Company" or "Nexera") is pleased to provide the following update.
As the Covid-19 pandemic has continued through 2021 there have been unprecedented labor shortages across America, especially in the oil & gas sector of South Texas. These, third party, staffing shortages have caused numerous project delays for Nexera. With surging oil prices, industry service providers throughout South Texas have recently been staffing up their operations and Nexera is moving quickly to get projects progressing that were originally scheduled earlier this year. Despite these industry labor shortages, Nexera has been fortunate to maintain internal staffing levels to operate and complete projects that don't require third party services.
The Company is pleased to report that the Huebinger E1 well, at the Company's Wooden Horse property, has successfully been brought on line and initial production numbers will be released as they become available.
Earlier this year, the Company drilled its first high impact horizontal Austin Chalk well (McGrew 1H) at the Company's Stockdale Horizon property. The Company is currently equipping the McGrew 1H well to begin production within the next week. The Company has begun the process to lease additional lands on trend with the McGrew 1H well to expand the Stockdale Horizon project.
Additionally, the Company recently launched its new website www.nexeraenergy.com.
Shelby Beattie, President and CEO of Nexera commented: "Although labor shortages throughout the pandemic have made it challenging to move projects forward in a timely manner, we are seeing a renewed excitement in the industry as service providers gear up to take advantage of the high energy prices forecasted for the foreseeable future. Having our own service equipment continues to provide Nexera with the unique ability to efficiently maintain operations during these times as we move towards increasing our land position along the Stockdale Horizon trend to drill new horizontal wells in the months ahead."
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. Additionally, the Company owns and operates various working interests in the HugoCellR, HagCo, and MarPat partnerships. The Company also now owns 100% of Production Resources Inc., a South Texas oil company.
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This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect", "plan", "intend", "anticipates", "projects", "potential" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements are statements that are not historical facts.
Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a well is actually developed. BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Emerald Bay at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided and the variations may be material. There is no representation by Emerald Bay that actual results achieved will be the same in whole or part as those indicated in the forward-looking statements. Forward-looking statements in this document include statements regarding the Company's exploration, drilling and development plans, the Company's expectations regarding the timing and success of such programs. In particular, forward-looking information in this news release includes, but is not limited to, statements with respect to: pipeline acquisitions and leasing; pipeline permits, pipeline construction, production estimates, drilling operations, completion operations, funding and development goals. 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, level of activity, 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. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and gas production, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the applicable securities regulators.
SOURCE: Nexera Energy Inc.