Standard & Poor’s announced today that it has commenced Factual Stock Report coverage on New Frontier Energy, Inc.
New Frontier Energy, Inc. (OTC:NFEI) is an independent energy company engaged in the exploration for and development of oil and gas reserves in the continental United States. The company has interests in four principal properties; the Slater Dome Field, the Flattops Prospect, the Amber Waves Prospect and entered into a farm-out agreement to acquire 74% working interest in the Focus Ranch Federal Unit. The Company is the operator of all of the properties.
The company owns 100% of the general partnership interests and 82.76% of the limited partnership interests in Slater Dome Gathering, LLLP (SDG). SDG owns the 18-mile gas gathering line that transports the Company's natural gas from the Slater Dome Field to the Questar transportation line in Baggs, Wyoming.
The Slater Dome Field contains the primary producing properties and is comprised of 38,870 gross acres and 32,239 net acres. At February 29, 2008, the estimated proved reserves in the Slater Dome Field totals 15,561,000 MCF of gas to NFEI’s interest.
The Focus Ranch Unit consisting of approximately, 38,600 gross acres in which its working interest approximates 75% and is subject to a farm-out agreement whereby the farmor is required to assign 99% of their working interest after production operations under the farm-out agreement have been completed as determined in the company's sole discretion, or at such time as the farmor has received its $2,000,000 production payment. The terms of the farm-out agreement provide that if commercial production from the Unit is established, the company will make a production payment from 35% of the net proceeds at the wellhead to the farmor. If the Unit is abandoned, we are obligated to plug and abandon the Focus Ranch Federal 12-1 Drill Site and reclaim the site together with the existing 12-mile service road to BLM standards.
The Amber Waves Prospect consists of approximately 6,640 gross acres and 5,041 net acres in the Denver Julesberg Basin and is undeveloped.
The Flattops Prospect in southwest Wyoming along NFEI’s gathering line consists of approximately 3,276 gross and net acres
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This Standard & Poor’s service provides factual research coverage enabling information about New Frontier Energy, Inc and other securities to reach a wide investor audience of Buy and Sell-side investors, helping them understand a company’s fundamentals and business prospects. Currently profiling over 1,000 issuers, S&P Factual Stock Reports increase market awareness for issuers in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, Industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.
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Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P’s STARS research) are eligible to obtain this coverage.
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Contacts:
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BC Capital
Partners
Bill Conboy, 303-415-2290
or
New Frontier Energy
Inc.
Les Bates, CFO, 303-730-9994
lbates@nfeinc.com
or
Standard
& Poor's
Customer:
Richard Albanese, 212-438-3647
richard_albanese@standardandpoors.com
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