Nextraction's Noble Tests Flow Rates of 4.853MMcfg at Pinedale

Nextraction reported that the completion of the Upper Lance and Tertiary zones of the Noble 6-24 well resulted in a flowed back rate of 4.853 million cubic feet of gas (MMCFG) over an 8-hour absolute open flow test, with an average rate of 3.007 MMCFG/day on an initial 24 hour test. Over a five day flow back period to recover frac fluids the well produced a total of 6.153 MMCFG, 34 barrels of condensate, and 274 barrels of water/frac fluids through a 1/2 inch choke. The well was then shut in for the installation of production tubing to assist in the recovery of production fluids. A sustained flow rate will be determined and released upon completion of frac fluid recovery and the removal of the water from the lower previously frac'd formations.

Mark S. Dolar, President of Nextraction said, "We have learned a great deal by drilling and bringing into commercial production our first well at Pinedale. The ability to share production data with other operators has added to our knowledge of completion techniques unique to the Anticline. The success of the first well means that we can now look at the North Pinedale region as the multi-well program (30-60 well potential) we had anticipated when we acquired an interest in the play."

Fracing the Middle Lance, Upper Lance, and Tertiary sand zones in the upper portion of the well follows the previous completion of the Lower Lance and Mesaverde zones. These two lower zones had an initial flowing rate of 1.1 MMCFGPD and 29 barrels of condensate. The significant increase in gas can be attributed to the successful fracing of the upper zones and more importantly establishes the outstanding potential of the North Pinedale region. Nextraction owns an interest in 3,774 acres of leasehold. Nextraction holds a 25% interest with Vantage on 2,600 acres and a 100% interest on 1,174 acres in the area.

Nextraction holds a 100% interest in the Noble 6-24 well until it receives 150% of payback on investment capital for the well and surrounding infrastructure, estimated at (US) $6.8 million. Upon reaching payback, Nextraction's interest will reduce to 73.75% with Vantage then owning the remaining 26.25% interest in the well.