Nexera Energy Inc. reports corporate-status, financing and operating updates tied to its public-company compliance, capital structure and energy assets. News has covered Alberta Securities Commission cease trade order matters, completion of required financial statements and management discussion filings with Canadian regulators, partial revocation proceedings for a limited private placement, annual meeting results and balance-sheet restructuring efforts.
The company’s updates also address South Texas oil-producing properties operated through Production Resources Inc. and its announced strategic transition efforts toward industrial manufacturing and end-of-life tire recycling using pyrolysis technology. Recurring items include regulatory approvals, shareholder meeting matters, project studies and use of financing proceeds for disclosure and listing-related costs.
Nexera Energy Inc. (OTC PINK:EMBYF) announced its recent discovery at the Stockdale Horizon property where the Stockdale Horizon 1H well is flowing back over 1 million cubic feet of gas per day at approximately 1,500 psi. The company is identifying additional drilling locations, benefiting from a non-dilutive financing agreement with Alliance Petroleum Interests. Nexera operates in the continental U.S. and enjoys a premium to WTI oil prices, backed by a strong distribution network. A recent private placement will support ongoing operations and resource expansion.
Nexera Energy Inc. (OTC PINK: EMBYF) announced a joint venture with Alliance Petroleum to drill the Huebinger E1 well on its Huebinger lease in South Texas. This marks the company's first drilling operation on the lease. Additionally, Nexera reported that the Stockdale Horizon well #1H has been spudded. Nexera operates various oil projects in Southwest Texas, including the Lavernia and Wooden Horse.
Nexera Energy Inc. (OTC: EMYBF) has mobilized the Unision #5 drilling rig to its Stockdale Horizon prospect, marking the commencement of drilling for a deep horizontal well in the Austin Chalk formation. The well will reach a total depth of approximately 6,600 feet, targeting hydrocarbon-rich zones at 5,000 feet. This venture is noteworthy as only 320 wells are currently being drilled in the U.S., down from over 800 last year, indicating a significant slow down in drilling activities.
Nexera Energy Inc. (OTC:EMBYF) has increased its ownership in the Huebinger and Kuhn leases from 50% to 72.23% at the Wooden Horse project in South Texas. This project includes producing wells and new drilling locations on the 200-acre Huebinger lease. The company operates various oil projects in Southwest Texas, including Lavernia and Nash Creek. This acquisition may enhance Nexera's production capacity and overall asset base.
Nexera Energy Inc. (TSX Venture:NGY) announces a delay in filing its unaudited interim financial statements for Q2 2020 due to Covid-19 related issues. The Company will utilize a 45-day extension granted by the Canadian Securities Administrators, with filings expected by October 15, 2020. No material business developments have occurred since the last financial statements. Management and insiders are under an insider trading black-out until the interim filings are disclosed.