New Frontier Energy, Inc., a natural resource company engaged in the exploration, acquisition and development of oil and gas properties in the United States, today announced a definitive agreement securing a drilling rig for the Company's 2007 Slater Dome development program. The terms of the contract specify that New Frontier Energy drill a minimum of five wells, and as many as twenty, with the initial well expected to be spud in June.
"We are pleased to have secured a drilling rig capable of supporting our 2007 development drilling program at the Slater Dome area," said Paul G. Laird, President and CEO of New Frontier Energy. "With 12 wells already permitted, we are making good strides towards our goal of expanding production and maximizing cash flow at Slater Dome. Depending on the progress made with our drilling schedule, and securing additional permits we are hopeful to achieve as many as 20 wells during this season."
About New Frontier Energy, Inc.
New Frontier Energy, Inc. is an independent energy company engaged in the exploration, development and production of natural gas and oil and the acquisition of natural gas and oil properties. New Frontier Energy has interests in three principal properties, the Slater Dome Prospect, located in northwest Colorado and south central Wyoming (the "Slater Dome Prospect"), the Flattops Prospect located in southwest Wyoming (the "Flattops Prospect") and the Nucla Prospect, located in western Colorado (the "Nucla Prospect"). The company's primary focus is on the development and expansion of the Slater Dome and the Flattops Prospects. Both are coal bed methane projects located in the Sand Wash Basin in northwest Colorado and southwest Wyoming -- the southeastern end of the "Atlantic Rim". The company owns a majority of the limited partnership interests in the 18-mile gas gathering line that delivers gas from the Slater Dome and Flattops prospects to a transportation hub. New Frontier Energy also holds 28 leasehold interests in approximately 38,000 gross acres in its Nucla Prospect located in southwest Colorado. The company'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.
Contact:
For further information contact:
Paul G. Laird
President
New Frontier Energy, Inc.
Phone: (303) 730-9994
Investor Contact:
Bill Conboy
Vice President
CTA Integrated Communications
Phone: (303) 665-4200
Source: New Frontier Energy
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