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Nexera Energy Inc. (EMBYF) is an energy company based in Southwest Texas, with a focus on oil production. The company operates the Lavernia, Wooden Horse, and Stockdale Horizon Projects. Nexera also owns Production Resources Inc., a South Texas oil company. Recently, Nexera announced a proposed non-brokered private placement offering of convertible unsecured debentures to raise up to $650,000. The proceeds from this offering will be utilized by Production Resources Inc. to expand its oil and gas services by pursuing a cement services branch, which includes plugging and abandoning wells owned by the company and other operators in the South Texas region. This strategic move aims to generate additional revenues while saving costs for the company. The corporation is committed to transparent financial reporting and adheres to regulatory guidelines to provide accurate and timely information to its investors.
Nexera Energy Inc. (OTC PINK:EMBYF) announced a delay in filing its Q1 financial statements due to ongoing issues with the 2021 annual financial statements. The Company anticipates missing the May 30, 2022 filing deadline, with a revised filing date no later than June 13, 2022. Additionally, Nexera has applied for a Management Cease Trade Order with the Alberta Securities Commission, which could restrict trading for insiders but not for the general public. Despite this setback, the Company reported no other material business developments since its last financial statements.
Nexera Energy Inc. (OTC PINK: EMBYF) has issued a bi-weekly default status report due to delays in filing its annual financial statements for the period ended December 31, 2021. The Alberta Securities Commission granted a management cease trade order affecting trading by the CEO and CFO until the filings are completed. The company aims to file by May 30, 2022, and will continue to provide updates. There have been no additional material changes or defaults reported since the initial announcement.
Nexera Energy Inc. (OTC PINK: EMBYF) announced a delay in filing its annual financial statements for the year ended December 31, 2021, originally due by May 2, 2022. This delay is attributed to staffing issues with both current and previous auditors, with an expected filing date no later than July 1, 2022. The company has applied for a Management Cease Trade Order (MCTO) from the Alberta Securities Commission due to this anticipated default. While Nexera will issue bi-weekly updates under the Alternative Information Guidelines, no significant business developments have occurred since the last financial statements.
Nexera Energy Inc. (OTC:EMBYF) has appointed Crowe MacKay LLP as its new auditor, following the resignation of the previous auditors on March 28, 2022, at the request of the Audit Committee. There were no disagreements or unresolved issues with the former auditors. Nexera operates oil-producing properties in Southwest Texas, including the Lavernia, Wooden Horse, and Stockdale Horizon Projects, and recently acquired 100% ownership of Production Resources Inc.
Nexera Energy Inc. (OTC PINK: EMBYF) announced plans to drill a second deep horizontal well at its Stockdale Horizon project in South Texas, in partnership with Alliance Petroleum Interests. Preparations are complete, and drilling is expected to commence around November 12, 2021, targeting a depth of approximately 6,400 feet. Results from the first well have been promising, and this initiative reinforces Nexera's strategy to explore high-impact horizontal drilling in the region.
Nexera Energy Inc. (OTC PINK: EMBYF) reported positive production results from its Huebinger E1 well, averaging 26 barrels of oil per day over its first six weeks. Initial projections estimate first-year production at 8,700 barrels, with payback expected in approximately seven months. The Huebinger E2 well is also set to begin production soon. Additionally, the McGrew 1H well at Stockdale Horizon is now operational. The company has identified five new drilling locations based on recent successes.
Nexera Energy Inc. has provided an operational update amidst ongoing challenges from labor shortages in the oil and gas sector due to the Covid-19 pandemic. Despite these issues, Nexera has successfully brought the Huebinger E1 well online and is set to begin production at the McGrew 1H well soon. The company is also expanding its land position for future drilling at the Stockdale Horizon project. Additionally, Nexera has launched a new website to enhance its online presence.
Nexera Energy has announced the acquisition of a 25% interest in Production Resources Inc. from Hillcrest Investments Ltd. for USD$400,000. Following this deal, Nexera will own 100% of PRI, which operates wells producing 40-50 barrels of oil per day in Texas. The payment includes USD$100,000 in installments and 3,789,300 common shares at $0.10 each. This move increases Hillcrest's stake in Nexera from 2.6% to 9.08%, with insider control reaching 13.3% post-transaction, subject to final approval.
Nexera Energy Inc. (OTC PINK:EMBYF) announced the completion of installations for the Huebinger E1 well, expecting it to be operational within 24 hours. Encouraged by preliminary test results, the company is set to drill the new Huebinger E2 well in collaboration with Alliance Petroleum Interests. This partnership aims to increase the number of impactful wells drilled in 2021. The company also reported that it navigated through a winter storm affecting South Texas without major operational disruptions, ensuring a return to full production.
Nexera Energy Inc. (OTC PINK:EMBYF) has successfully closed its private placement, issuing 13,333,330 units at $0.06 each, totaling $800,000. Each unit comprises one common share and one warrant, which allows the purchase of an additional share at $0.10 within 12 months. Proceeds will support operational activities, including mineral lease acquisitions and equipment purchases. All securities are subject to a 4-month hold period and await final approval from the TSX Venture Exchange.
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