Xtra Energy Announces Pasquia Hills Oil Shale Planned Core Hole Drilling
FORT LAUDERDALE, Fla., Oct. 25, 2012
FORT LAUDERDALE, Fla., Oct. 25, 2012 /PRNewswire/ --Xtra Energy Corp. ("Xtra
Energy" or the "Company") (Pinksheets: XTPT), is pleased to announce that the
Company has commenced preparations for an oil shale exploration and
development core hole drilling program for its unconventional oil shale
property located Pasquia Hills, Saskatchewan, Canada.
Xtra Energy's geological, engineering and operations team have completed an
engineering evaluation analysis and identified three core hole drilling
locations and has initiated permitting and surface lease documentation in
accordance with Saskatchewan government and regulatory regulations.
Negotiations with drilling contractors are currently underway and drilling
license application approvals to the Saskatchewan Petroleum Energy, Mines and
Lands Branch are also in the process of being submitted. The exploration and
development drilling program is expected to commence in late November 2012 and
the gross costs for the core hole drilling program are estimated at
Xtra Energy's core hole drilling program will consist of up to three core
holes, targeting an identified "sweet spot" to examine, optimize information
and further delineate the Xtra Energy's oil shale deposit and to determine the
primary mine site for the establishment of a Shale-to-Liquids production
Xtra Energy's Pasquia Hills oil shale property has undergone two previous
successful exploration and development core hole drilling and analysis
programs, involving the drilling of a total of 13 core holes on the permit and
150 meters of oil shale core samples have been analyzed at a total cost of
over $1.5 million dollars. In addition, water well log data, plus the results
of the drilling of an additional thirteen Sun Oil (now "Suncor Energy") core
holes located within the mapped area, as well as published Saskatchewan
government information have extensively delineated the Company's oil shale
The successful results from the previous core hole drilling programs and
associated laboratory analysis of the oil shale cores as well as the other
described engineering data resulted in August 2009 of a publicly released NI
51-101 compliant Contingent Resources Report by Chapman Petroleum Engineering
Ltd. which estimated contingent and/or prospective oil shale resources of
gross 1.88 billion barrels (net 1.034 billion barrels) of recoverable oil
Xtra Energy wishes to correct information disclosed through previous public
new releases, that the Company's oil shale Permit SPH00008 consisted of 68,910
acres. In fact, Xtra Energy's oil shale permit SHP00008 encompasses at total
of 86,533 contiguous acres of oil shale exploration and development rights.
Xtra Energy's Pasquia Hills oil shale property consists of a total of 86,533
acres of oil shale exploration and development rights located in the Pasquia
Hills region of northeastern Saskatchewan, Canada. Xtra Energy holds a 55%
percent working interest in the oil shale permit SHP0008 though its recently
purchased wholly-owned Canadian subsidiary Oilshale International Corp.
About Xtra Energy Corp.
Xtra Energy Corp. is a publicly traded energy company focused on the
acquisition and development of unconventional oil shale resources in North
America. Xtra Energy's common shares trade on the Pinksheets under the symbol
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Ms Linda MacDonald
Xtra Energy Corp.
Fort Lauderdale, Florida
This news release may contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Act of 1934, as amended; such statements are subject to risks and
uncertainties that could cause actual results to vary materially from those
projected in the forward-looking statements. The Company may experience
significant fluctuations in operating results due to a number of economic,
competitive and other factors. These factors could cause operations to vary
significantly from those in prior periods, and those projected in
forward-looking statements. Information with respect to these factors, which
could materially affect the Company and its operations, are included on
certain forms the Company files with the Securities and Exchange Commission.
SOURCE Xtra Energy Corp.
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