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Today’s stock(s) of interest are:Northern Explorations Ltd. (OTCBB: NXPN)
Northern Explorations Identifies Opportunity in New Administration’s Energy Proposals
SCOTTSDALE, AZ–(Marketwire - January 27, 2009) - Northern Explorations Ltd. (OTCBB: NXPN) (”Northern,” “Norex” or the “Company”) believes that recent announcements from the Federal Government will provide added stimulus and far-reaching benefits to the Natural Gas industry and those companies involved with the exploration, development and production of this home-grown resource.
Company management feels that all participants and stakeholders in the industry should be heartened by the new “green” agenda and “green energy” focus that the Obama Administration is implementing. Norex specifically believes that its California natural gas development project meets the criteria under discussion at the Federal level and should benefit and flourish within the framework of any future initiatives and programs.
The two-fold benefit and opportunity of natural gas is straight-forward and easy to understand. Domestic U.S. production of natural gas will assist in breaking the cycle of dependence on foreign oil and help provide clean energy that will reduce the carbon emissions of power plants across the country. Norex believes that its aggressive focus on natural gas exploration and development will ensure the Company has a role to play in the overall strategy of the domestic industry’s growth as part of the new administration’s energy policy for the nation.
The two Norex exploration and development projects are located near Sacramento in California’s Central Valley, a region that contains most of California’s current and historic gas production. California currently produces only 15% of its total natural gas requirements and imports the remainder from surrounding states and as far afield as Canada. In the Sacramento area alone, the largest user of locally produced natural gas is the electrical utilities and even with the recent economic slowdown in the State, electrical consumption remains extremely high. The State of California itself is estimated to be the world’s eighth largest economy and is a prolific consumer of natural gas. As a result, natural gas pricing in California is consistently some of the highest in the country with PG&E Citygate prices currently in the $5.00 per MCF range.
Norex is in the process of completing the execution of a formal purchase and sale agreement towards the acquisition of the aforementioned gas plays pending the anticipated imminent filing of documents. Upon completion, Norex will acquire a majority working interest in these projects which show a potential to contain up to a combined total of 50 BCF gas. The Company will announce further details of the projects upon completion of its review process and as soon as the purchase and sale agreement with the vendors is finalized. Norex believes that the project, if proven to be commercially viable, may represent a venture with an in-situ value of greater than $50 million in contained gas to a majority working interest partner.
About Norex Energy (Northern Explorations Ltd.) — OTCBB: NXPN
Norex Energy (Northern Exploration Ltd.) is an energy exploration Company which plans to develop natural gas assets across North America. Norex’s initial Natural Gas Project located in Alberta, Canada has the potential to contain 8 BCF gas with associated plant, pipeline and existing infrastructure. The Company is also currently negotiating a majority working interest in two natural gas project acquisitions located in California which show the potential to contain up to 50 BCF of gas.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Norex Energy (Northern Explorations Ltd.)
Ralph Claussner, P.Eng.
President & C.E.O.
To find out more about Norex Energy or Northern Explorations Ltd. (OTCBB: NXPN), visit our website at www.norexenergy.com.
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