CALGARY, AB and SAN ANTONIO, TX / ACCESSWIRE / May 19, 2020 / Nexera Energy Inc. (TSXV:NGY)(OTC:EMBYF) (the 'Company' or 'Nexera') provided the following update on operations in South Texas.
At LaVernia, the Company has completed negotiations to re-lease the Schertz and Schertz Sanchez leases at a new royalty structure which is significantly more attractive to the Company in the current pricing environment. The two leases comprise 26 wells on approximately 200 acres, and operations have begun to bring the wells online.
Additionally, the Company has been informed by its oil gatherer that sales will be able to resume in the month of June at the Company's contracted premium rates of WTI plus $2.25 -$6.00 per barrel.
Shelby Beattie, President and CEO of Nexera commented: 'Although many things remain uncertain in the world these days, the recent surge in oil prices is indicative of the optimism we are starting to see return to the oil and gas business in South Texas. Additionally, these unprecedented times will bring new opportunities that we are just starting to see, which makes us very excited for the future of Nexera. Whether we sell oil in June, or continue to store oil as we are currently doing, we are prepared to do whatever we need to do to optimize our properties in the months ahead.'
About Nexera Energy Inc.
Nexera Energy Inc. (TSX Venture: NGY) is an energy company with oil producing properties in Southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Nash Creek Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
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SOURCE: Nexera Energy Inc.
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