Northern Explorations Ltd. (OTCBB: NXPN) (“Northern,” “Norex” or the “Company”) today is pleased to announce that the Company plans to enhance its portfolio of energy projects by entering into the wind energy sector
Mr. Mark Schaftlein, recently appointed President and C.E.O. of Norex, has identified significant opportunities in the wind energy sector through business contacts within the industry. The Company is currently reviewing these prospective acquisitions with an eye towards harmonizing wind energy and natural gas assets into a strategic plan designed to rapidly develop an effectively convergent “green energy” organization.
Norex believes wind power is an outstanding opportunity for new power generation that delivers practical near term economic development paybacks in conjunction with a program that delivers on the need for increased energy security and accountable long term environmental benefits. Fluctuating fossil fuel prices and unreliable supply policies from certain foreign sources increasingly raise the risk of future instability due to a reliance on conventional sources of power production. The Company feels that programs, such as those advanced by energy industry veteran T. Boone Pickens, clearly show the benefits of aligning the “two pillars” of wind and natural gas as a key element in future U.S. domestic energy policies.
Mr. Pickens has identified that the U.S. wind corridor is a huge swath of the Great Plains which runs, two states wide, from northern Texas to the Canadian border. A Department of Energy study in 2007 said that building wind based electrical generation capacity in the corridor could provide up to 20 percent of the U.S. power needs and create a potential for 138,000 new jobs in the first year with up to 3.4 million jobs over a 10-year span as the industry matures.
Additionally, the American Wind Energy Association has reported that the leading markets in terms of new installed capacity in 2008 were the U.S. and China. The U.S. has now officially overtaken Germany (23,902 MW) as number one in wind power. Europe and North America are running neck-to-neck, with about 8,900 MW (8.9 GW) each of new installed capacity in 2008, with Asia closely following with 8,600 MW (8.6 GW). The massive growth in the U.S. wind market in 2008 increased the nation’s total wind power generating capacity by 50%. The new wind projects completed in 2008 account for about 42% of the entire new power-producing capacity added in the U.S. last year, and created 35,000 new jobs, for a current total of approximately 85,000 individuals employed in the sector across the nation.
With both House and Senate approval, the newly legislated American Recovery and Reinvestment Act of 2009 offers several specific provisions intended to keep the wind energy industry vibrant, healthy and growing through current economic conditions. The legislation includes a grant program to monetize tax incentives for renewable energy, a three-year extension of the production tax credit, provisions to promote transmission for renewable energy, and a removal of the cost cap on the small wind investment tax credit. More information is available about the U.S. wind energy sector at www.awea.org
Company C.E.O. Mark Schaftlein states, “We have here an opportunity to develop a company that offers a significantly enhanced outlook by capitalizing on tangible prospects that can deliver a clear path to success. America must move rapidly toward environmentally responsible energy independence, this is an unassailable fact. To deliver on this promise we are positioning ourselves to acquire and develop commercially viable projects that fit this fundamentally sensible criterion. We strongly believe in a framework of programs such as those espoused by Mr. Pickens and see a great economic future in the marriage of energy assets such as natural gas and wind power. As we conclude our review process, we look forward to announcing further details of these proposed new projects in the coming days.”
ABOUT NOREX ENERGY (NORTHERN EXPLORATIONS LTD.) (OTCBB: NXPN)
Norex Energy (Northern Explorations Ltd.) is an energy exploration Company currently developing natural gas assets across North America. The Company has acquired a majority working interest in two natural gas projects located in California which show the potential to contain up to 50 BCF of gas and in Alberta, Canada which has the potential to contain 8 BCF gas with associated plant, pipeline and existing infrastructure.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Norex Energy (Northern Explorations Ltd.)
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President & C.E.O.
To find out more about Norex Energy or Northern Explorations Ltd. (OTCBB: NXPN), visit our website at www.norexenergyinc.com.