Nextraction has acquired an additional 1,023 acre leasehold in the northern region of the Pinedale Anticline, Wyoming.
The leasehold area lies within two miles of Nextraction's recently completed Noble 6-24 well. Nextraction acquired the leasehold for $40 per net mineral acre, for a five year term. With this acquisition, Nextraction now owns the rights to develop 3,574 acres in the North Pinedale Anticline region.
Nextraction has also acquired the leasehold rights to a sixty percent (60%) interest to 360 acres contiguous to its current acreage position. The lease will become effective within ninety (90) days and upon obtaining clear title.
"Recently we completed the Noble #6-24 well (Press Release - June 29, 2010) and extended production on the Pinedale Anticline to the north. We are optimistic about the opportunity to continue development along the northern crest of this prolific region," said Mr. Dolar. "Adding to our leasehold shows our commitment to the Pinedale project and the development of the assets, which we believe to be highly prospective and potentially valuable to the growth of the Company."
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