VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 28, 2010) - Nextraction Energy Corporation (TSX VENTURE:NE) (the "Company") announced that MHA Petroleum Consultants LLC ("MHA") has completed an update to its National Instrument technical report (NI-51-101) estimating reserves and future net revenues for the Company's North Pinedale Project, located on the crest of the Pinedale Anticline in Sublette County, Wyoming.

Nextraction is selling gas and condensate from its first successful well, the Nobel #6-24, that is currently undergoing initial flow back rate tests. The initial production tests from the Pinedale well provide information to enhance the reserve estimates for future updates to the reserve report. Nextraction holds 3,624 acres in a joint venture with Vantage Energy LLC ("Vantage"), an experienced operator in the region.

The MHA NI 51-101 reports the Company's Probable Reserves (P2) at 4.977 BCF recoverable gas plus 59.7 Thousand Barrels of Oil (MBO) recoverable for the Noble #6-24 well based on Original Gas In Place (OGIP) of 11.069 Billion Cubic of Gas (BCF). The P2 valuation estimates 37-44% recovery factor of OGIP. MHA's projections estimate that the P2 reserves will generate gross revenues of US$24.486 million with Future Net Revenues of US$12.716 million before income tax (net of all drilling and completion costs). For a 32 well development program the report indicates Possible Reserves (P3) of 79,864 BCF and 959 MBO net to the Company. Possible Reserves (P3) include the Probable Reserves (P2). The P3 valuation is based on 70% recovery of OGIP, and the Company's interest has Future Net Revenue of US$112.311 million, discounted at 10% annually. 

The Company's projected reserves based on the P2 and P3 assumptions are highlighted in the table below:

Category	Recoverable Oil (MBO)	Recoverable Gas (BCFG)	Original Gas In Place (BCFG)
Probable (P2)	59.7	4.977	11.069
Possible (P3)	959	79,864	103.832

The MHA valuation further estimates Nextraction's Future Net Revenue (net of all costs) for the Noble #6-24 well (P2) and 32 well development program (P3) as follows:  

Category	NE Future Net Revenue (MM$)	NE Future Net Revenue (MM$ discounted @ 5%)	NE Future Net Revenue (MM$ discounted @ 10%)
Probable (P2)	12.716	6.332	3.422
Possible (P3)	388.869	191.6432	112.311

The discount rates take into account further net revenue after a 5% and 10% annual return on invested capital is realized.

MHA modeled the Company's 100% working interest in the Noble #6-24 well and that it will receive 100% of the revenues until 150% of the capital costs to drill the well have paid out; at which time the Company's partner has an option to back in as a 26.25% working interest owner, leaving the Company with a 73.75% interest. Nextraction retains the option to drill a second well under the same terms, and then will participate as a 25% working interest in all subsequent wells drilled. 

Company President, Mark S. Dolar, states: "We requested the updated valuation to assist in the determination of Original Gas In Place after drilling the Noble #6-24 well. This summer we have placed both our Pinedale and Appalachian Basin resource plays in production, with cash flow beginning in the third quarter of 2010. Our next steps are to drill an additional 3 wells in our Appalachian Basin play in 2010, followed up with an aggressive drilling and completion program in 2011 that includes an additional well in North Pinedale and 25 wells in the Appalachian Basin."

About Nextraction Energy Corp.

Nextraction Energy Corp. is a Canadian junior oil and gas company engaged in the exploration and development of oil and gas resources in North America. Nextraction targets projects along trend with known reserves that provide lower risk, high return development opportunities in both conventional and unconventional resource projects, where our technical expertise can be applied to enhance production. The Company is also evaluating further acquisitions that fit the model of the "next round of extraction on known plays". Nextraction is headquartered in Vancouver, BC, Canada. 

About MHA Petroleum Consultants, Inc. 

MHA Petroleum Consultants, Inc. prepares valuations pursuant to the Standing Committee on Reserves Definitions of the Petroleum Society of the CIM, incorporated in the Society of Petroleum Evaluation Engineers (SPEE) Canadian Oil and Gas Evaluation Handbook and specified by National Instrument 51-101 (NI-51-101). MHA is licensed in both the United States and Canada to perform reserve and economic valuations, and represents over 130 clients (including Questar Exploration and Production, Inc. in the Pinedale Anticline area). MHA provides a broad range of services ranging from single-well valuations to fully integrated field studies. Areas of particular expertise include reservoir simulation, reservoir characterization, 3D reservoir geological description, reserves studies, corporate planning and reporting, acquisitions and divestments, identifying optimal field development plans, technology transfer and training, and litigation support. The typical MHA professional has 20 to 30 years experience and is professionally registered. MHA professionals have experience in almost every major petroleum province throughout the world and many of their projects are notable for their uniqueness. MHA is a privately owned company founded in 1994.

On behalf of the Board of Nextraction Energy Corp.

Mark S. Dolar, President and CEO

CAUTIONARY STATEMENT

By definition of the COGE Handbook – "Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered." Further the Handbook states - Caution (per NI 51-101/5.9(2)(v)(B)) – "There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources." In addition, per NI 51-101/5.6 "the estimated values disclosed do not represent fair market value."

FORWARD-LOOKING STATEMENTS DISCLAIMER

Certain statements in this document may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking statements or information include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Often, but not always, forward-looking statements or information may be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. The Company does not assume the obligation to update any forward-looking statement, except as required by applicable law.

RISK FACTORS

The accuracy of reserve and economic evaluations is always subject to uncertainty. The magnitude of this uncertainty is generally proportional to the quantity and quality of data available for analysis. As a well matures and new information becomes available, revisions may be required which may either increase or decrease the previous reserve assignments. Sometimes these revisions may result not only in a significant change to the reserves and value assigned to a property, but also may impact the total company reserve and economic status. The reserves and forecasts contained in this report were based upon a technical analysis of the available data using accepted engineering principles. However, they must be accepted with the understanding that further information and future reservoir performance subsequent to the date of the estimate may justify their revision. It is MHA's opinion that the estimated proven reserves and other reserve information as specified in this report are reasonable, and have been prepared in accordance with generally accepted petroleum engineering and evaluation principles, as set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information, promulgated by the Society of Petroleum Engineers. Notwithstanding the aforementioned opinion, MHA makes no warranties concerning the data and interpretations of such data. In no event shall MHA be liable for any special or consequential damages arising from Nextraction's use of MHA's interpretation, reports, or services produced as a result of its work for Nextraction Energy.