New Frontier Energy, Inc., a natural resource company engaged in the exploration, acquisition and development of oil and gas properties in the United States, announced today that potential future cash flow after income taxes, production and development costs, discounted at 10% per annum increased by 109%, totaling $25.6 million at February 29, 2008. Proven reserves at the Slater Dome Field increased by 28%, or 3.4 BCF (billion cubic feet), totaling 15.6 BCF, as of February 29, 2008.
New Frontier Energy holds a 66% working interest in the Slater Dome CBM Field.
Paul G. Laird, New Frontier's President and CEO, said, "The results of last summer's drill program have more than doubled our potential discounted cash flow compared with last year's reserve report. We concentrated on drilling proven undeveloped reserves in the 2007 program located in close proximity to our infrastructure with the goal of reaching positive cash flow in a shorter time frame."
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