Contact Information: Investor contact: BC Capital Partners Bill Conboy (303) 415-2290 For further information contact: New Frontier Energy, Inc. Paul G. Laird President (303) 730-9994
New Frontier Energy, Inc. Provides Slater Dome Production Update
Gross Production Increased 318% for April 2008 Period Totaling 37.1 Million Cubic Feet, With a Corresponding Revenue Increase of 563%
| Source: New Frontier Energy, Inc.
DENVER, CO--(Marketwire - May 19, 2008) - New Frontier Energy, Inc. (OTCBB : NFEI ), a
natural resource company engaged in the exploration, acquisition and
development of oil and gas properties in the United States, announced today
that gross production at the Slater Dome CBM Field increased 318%, to 37.1
million cubic feet for April of 2008, compared to 11.6 million cubic feet
produced in the April 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 April 2008 was
$152,799, representing a 563% increase compared with $27,151 received
during the same period in 2007. The Company received an average price of
$7.73 per MCF during April 2008, compared to $4.37 per MCF received during
the April 2007 period, a 177% increase.
Gross production for April of 2008 increased 8% compared to March 2008,
which totaled 34.3 Million cubic feet. NFEI's monthly revenue for April
2008 increased $10,307 compared to March 2008, representing an 8%
sequential increase. The Company received an average price of $7.78 per MCF
during March 2008.
"The Slater Dome compressor facility became fully operational at the end of
April allowing production to begin from our new wells," said Paul Laird,
President of New Frontier Energy, Inc. "Since the beginning of May gross
production has averaged 1.4 million cubic feet per day. We anticipate
production will increase further during 2008 as the wells drilled in 2007
are brought online and dewatering continues at the Slater Dome CBM Field."
About New Frontier Energy, Inc.
Based in Denver, CO, New Frontier Energy, Inc. is an independent natural
resource company engaged in the exploration, acquisition and development of
oil and gas properties in the United States. New Frontier Energy has
interests in three principal properties, the Slater Dome Field, located in
northwest Colorado and south central Wyoming; the Flattops Prospect located
in southwest Wyoming; and has entered into a farm-out agreement to acquire
74% working interest in the Focus Ranch Federal Unit, located in Routt
County, Colorado adjacent to and southeast of the Slater Dome Field.
New Frontier Energy is focusing on expanding CBM gas production at the
Slater Dome Field, and exploring the adjacent Focus Ranch Unit and Flattops
prospects. The Slater Dome Field is a coal bed methane development project
located in the Sand Wash Basin or Atlantic Rim area near the Colorado and
Wyoming border, and is a sub-basin of the Greater Green River Basin. The
company owns the general partnership interest and a majority of the limited
partnership interests in an 18-mile gas gathering line that delivers gas
from the Slater Dome Field to a transportation hub. New Frontier Energy's
common stock is listed on the over the counter bulletin board under the
symbol "NFEI." Additional information about New Frontier Energy, Inc. can
be found at the Company's website www.nfeinc.com.
Forward-looking Statements
The statements contained in this press release which are not historical
fact are forward-looking statements that involve certain risks and
uncertainties including, but not limited to, decreases in prices for
natural gas and crude oil, unexpected decreases in gas and oil production,
the timeliness, costs and success of development activities, unanticipated
delays and costs resulting from regulatory compliance, and other risk
factors described from time to time in the Company's periodic reports filed
with the Securities and Exchange Commission. No assurances can be given
that these statements will prove to be accurate. A number of risks and
uncertainties could cause actual results to differ materially from these
statements. While these forward-looking statements, and any assumptions
upon which they are based, are made in good faith and reflect our current
judgment regarding the direction of our business, actual results will
almost always vary, sometimes materially, from any estimates, predictions,
projections, assumptions or other future performance suggested herein.
Except as required by applicable law, including the securities laws of the
United States, we do not intend to update any of the forward-looking
statements to conform these statements to actual results.