Xtra Energy Announces Completion Of Pasquia Hills Oil Shale Core Hole Drilling
FORT LAUDERDALE, Fla., Feb. 22, 2013
FORT LAUDERDALE, Fla., Feb. 22, 2013 /PRNewswire/ --Xtra Energy Corp.
(OTCPINK: XTPT), is pleased to announce that it has successfully completed the
drilling of its previously announced three core hole oil shale exploration and
drilling program on its unconventional oil shale property located in Pasquia
Hills, Saskatchewan, Canada.
The three core holes were drilled across the Xtra Energy's oil shale permit
which encompasses a total of 86,533 acres targeting an identified "sweet spot"
to examine, optimize information and further delineate the oil shale deposit
and to determine the primary mine site for the establishment of a
Shale-to-Liquids Production Plant Facility. Detailed geological logging of the
three cores holes were conducted and Xtra Energy has been informed by its
on-site geologist that oil shale cores have been extracted and recovered from
the White Speckled Shale of the late Cretaceous period, the target reservoir
from all three of the core holes as result of the oil shale core hole drilling
The collected oil shale core samples were shipped and have been received by
Core Labs of Calgary where the cores will be cut horizontally and an initial
inspection and analysis will be conducted.
The results of the core hole drilling, geological logging and the initial
inspection and analysis which will involve visually confirming the amount of
meters of core recovered and making a preliminary analysis of hydrocarbon
indicators is expected to be completed in the next two weeks.
Xtra Energy's Pasquia Hills oil shale property has undergone two previous
successful exploration and development core hole drilling and analysis
programs, involving the previous drilling of a total of 13 core holes on the
company's oil shale permit. A total of 150 meters of oil shale core samples
have been analyzed at a total project 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 resource deposit.
Xtra Energy also wishes to announce that it has engaged the services of
Chapman Petroleum Engineering Ltd., www.chapeng.ab.ca to prepare a National
Instrument 51-101 Contingent Resources and Commerciality Factors Engineering
Report on its oil shale permits in Pasquia Hills, Saskatchewan ("the Resource
The Resource Report is intended to provide general information on the oil
shale industry and to better inform and educate the public of the potential of
Xtra Energy's identified oil shale deposit at Pasquia Hills. The Resource
Report also includes a sensitivity analysis of the basic parameters for
commerciality of a Shale-to-Liquids Plant Facility and project and to assist
the Company in planning its future development activity.
Xtra Energy's Pasquia Hills oil shale property consists of a total of 86,533
gross 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 through its
recently purchased wholly-owned Canadian subsidiary Oilshale International
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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