Nexstar Energy Announces Second Quarter Financial Results, Private Placement and Annual Meeting

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Nexstar Energy Ltd. ("Nexstar Energy" or the "Company") (TSX VENTURE:NXE.A) (TSX VENTURE:NXE.B) announces that its second quarter interim unaudited financial statements will be filed today on SEDAR at www.sedar.com and will also be posted on the Company's website at www.nexstar-energy.com.

The Company is also pleased to announce that, subject to regulatory approval, it is proceeding with a non-brokered private placement on a best-efforts basis (the "Private Placement") of a minimum of 4,000 Units ($4.0 Million) and a maximum of 5,000 Units ($5.0 Million). Each Unit will be priced at $1,000 and will be comprised of a $1,000 Convertible Debenture providing a 2% annual interest rate and 20,000 Purchase Warrants to acquire Flow-Through Class A Shares of the Company (the "Class A Warrants"). Each $1,000 Debenture will mature on September 30, 2010 and will be convertible at the option of the holder at any time prior to maturity into 20,000 Class A Shares of the Company. Each full Class A Warrant will be exercisable for one Class A Share of the Company at a price of $0.10 per share until December 31, 2010. The Units are being sold to provide the Company with working capital, for debt reduction, for land acquisitions and for exploration and development drilling in the Company's core areas. The closing of the Private Placement is expected to take place on or before September 30, 2008. All securities issued pursuant to the Private Placement will be subject to a four month hold pursuant to applicable securities legislation. The Company has agreed to pay finders fees on the Private Placement proceeds, which include a 1% reorganization fee, 8% on retail orders, 5% on fund orders and 6.5% broker warrants, which are convertible into Class A Shares of the Company.

The Company is also pleased to announce that the Annual and Special Meeting of Shareholders of the Company (the "Meeting") will be held on Wednesday, September 24, 2008 at 2:00 p.m. (Calgary time) at the offices of Burstall Winger LLP, located at 1600, 333 - 7th Avenue SW, Calgary, Alberta. The Record Date for the Meeting is Monday, August 25, 2008 and the Notice of the Meeting and accompanying Information Circular detailing the information with respect to the Meeting matters, were mailed to the Company's shareholders on August 28, 2008.

About Nexstar Energy

Nexstar Energy is a junior oil and gas company that is focused on drilling multi-zone crude oil and natural gas prospects in western Canada, complemented by strategic acquisitions.

This document contains forward-looking information that is based on expectations and estimates as of the date of this document. This forward-looking information is information that is subject to known and unknown risks and other factors that may cause future actions, conditions or events to differ materially from the anticipated actions, conditions or events expressed or implied by such forward-looking information. Forward-looking information is information that does not relate strictly to historical or current facts, and can be identified by the use of the future tense or other forward-looking words such as "proposed", "believe", "expect", "anticipate", "intend", "plan", "estimate", "should", "may", "objective", "projection", "forecast", "continue", "strategy", "position" or the negative of those terms or other variations of them or comparable terminology. Examples of such forward-looking information in this document include but are not limited to the following, each of which is subject to significant risks and uncertainties and is based on a number of assumptions which may prove to be incorrect. The Company will be required to secure financing in order to participate in the projects referenced in this document and there is no assurance that the Company will be able to secure such financing. This forward-looking information represents the Company's views as of the date of this document and such information should not be relied upon as representing the Company's views as of any date subsequent to the date of this document. The Company has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are not intended to represent a complete list of factors that could affect the Company. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

12,621,342 Class A Shares

1,080,000 Class B Shares

ADVISORY: The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. The TSXV does not accept responsibility for the adequacy or accuracy of this release. Website: www.nexstar-energy.com