Paul G. Laird, New Frontier's President and CEO, commented, "It's great to have closed this transaction. We drilled the initial discovery well in 1998 and are looking forward to operating the field and thereby, controlling costs and bringing the field to profitability more quickly. We plan on drilling several wells to further develop the field in 2007."
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. We have an interest 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 current and 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 southern 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 different leasehold interests in approximately 38,000 gross acres in its Nucla Prospect located in southwest Colorado.
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