New Frontier Energy, Inc., a natural resource company engaged in the exploration, acquisition and development of oil and gas properties in the United States, announced that gross production at the Slater Dome CBM Field increased 282%, to 34.3 million cubic feet for March of 2008, compared to 12.1 million cubic feet produced in the March 2007 period.
New Frontier Energy holds a 66% working interest in the Slater Dome CBM Field.
Revenue based on NFEI's working interest for the month of March 2008 was $142,500, representing a 463% increase compared with $30,800 received during the same period in 2007. The Company received an average price of $7.78 per MCF during March 2008, compared to $4.74 per MCF received during the March 2007 period, a 164% increase.
Gross production for March of 2008 increased 18% compared to February 2008, which totaled 27.4 Million cubic feet. NFEI's monthly revenue for March 2008 increased $39,000 compared to February 2008, representing a 38% sequential increase. The Company received an average price of $7.06 per MCF during February 2008.
"The takeaway capacity of the Rex West pipeline continues to provide Rocky Mountain producers improved pricing for natural gas and we hope our selling price will eventually approach parity with the widely quoted Henry Hub price in the future," said Paul Laird, President of New Frontier Energy, Inc. "We intend to capitalize on this improved pricing scenario by boosting production significantly during 2008. Our new compression facility which comes on line at the end of April will facilitate producing from 6 additional wells drilled during 2007."
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