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[QUOTE]Originally posted by MoneyHoney: [QB] Northern Explorations Executes Acquisition of West Texas Natural Gas Play On Monday June 1, 2009, 5:19 pm EDT Related:Northern Explorations Ltd. SCOTTSDALE, AZ--(MARKET WIRE)--Jun 1, 2009 -- Northern Explorations Ltd. (OTC BB:NXPN.OB - News) ("Northern," "Norex" or the "Company") is pleased to announce that the Company has now completed the execution of a definitive agreement in regards to the "Ozona Gas Project" with Swiss-based resource management corporation Dominus Energy AG. Under the terms of the agreement, Norex has acquired a 63% Working Interest in the project located near Ozona in Crockett County, Texas. The agreement is based on future commitments whereby Norex will pay 100% of the cost of drilling and completion of the gas wells in exchange for their 63% Working Interest. Under the terms of the underlying agreement with the vendors and royalty holders, Norex will receive a 47.5% Net Revenue Interest in all natural gas production from the project. This news is a welcome announcement given that the commodities markets have responded as world stock markets rallied and investors banked on hopes that the global recession is easing. Norex believes that the prices for natural gas will continue to increase as the economy continues to show signs of recovery. The Ozona project encompasses 9,000 acres and is a well documented and prolific location enjoying the presence of actively established companies such as Chesapeake, Devon, EOG, XTO, and Quicksilver Exploration. Norex and partners will further detail the program following completion of the requisite documentation which will involve the drilling, completion and tie-in of 20 natural gas wells. The Company is a reporting issuer which provides public disclosure under the securities and exchange act of 1934. Complete details of our agreements will be filed publicly where subject to and as required by law under the auspices of the Securities and Exchange Commission (SEC). ABOUT NOREX ENERGY (NORTHERN EXPLORATIONS LTD.) (OTC BB:NXPN.OB - News) Norex Energy (Northern Explorations Ltd.) is an energy exploration Company currently developing natural gas projects across North America. The Company has acquired a majority working interest in natural gas assets located in California and Alberta, Canada which have the combined potential to contain 16 BCF gas along with associated plant, pipeline and infrastructure. [/QB][/QUOTE]
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