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 Raises $1.9 Million in Warrant Exercise
| Source: New Frontier Energy, Inc.
DENVER, CO--(Marketwire - May 2, 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, today announced
the Company issued 1,914,015 common shares pursuant to the exercise of
Series B Preferred warrants, and Series B Preferred Placement Agent
warrants, receiving proceeds of $1,953,782.
Paul G. Laird, President and CEO of New Frontier Energy, said commenting on
the completion of the exercise period: "We are pleased with the support of
our existing shareholder base and look forward to utilizing the proceeds
from the warrants to further develop the Slater Dome 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.