Norstra Acquires New Land and Provides Update on Seismic Data
SOUTHLAKE, Texas, April 22, 2013 (GLOBE NEWSWIRE) -- NORSTRA ENERGY INC.
WWW.NORSTRAENERGY.COM (OTCQB:NORX) ("Norstra" or the "Company") is pleased to
announce that its management and technical team met with the company's
operator to review current operations and establish detailed guidelines for
the planned drilling program on the South Sun River Project.
Norstra currently has over 14 miles of seismic lines ordered from QEP
Resources (NYSE:QEP) and PacSeis. It is expected that the reprocessed seismic
data will be in place within a couple of weeks. Once the review of the seismic
lines is complete, the company's geophysical consultant will reinterpret the
data, prepare a geophysical presentation to management and suggest the first
drill locations. Even during the current process of acquiring the data, there
is constant discussion with the geophysicist to pinpoint the first drill
location. Additional data will be purchased in adjoining sections for
additional drill locations.
Preliminary review of the seismic suggests an abundance of thrust sheets in
the area.Norstra has requested additional acreage from Summit West Oil where
the blocks have been noted from the preliminary review. Summit West agreed to
add 2 full sections (1,280 acres) to the project based on the same terms as
the original Farmout Agreement.This brings the total prospect size to over
Glen Landry, CEO, Norstra Energy stated: "Adding the additional acreage at
this point is a very important step for Norstra to ensure that we give the
company and our investors the best possible opportunity to drill the first
wells on our lands. We were always planning to increase our land position over
time, and after reviewing the first technical data during the operational
meetings, we decided to accelerate that process. Everybody is looking forward
to getting the surface casing set for the first test."
About Norstra Energy Inc.
Norstra Energy Corporationis a Texas and Montana basedoil and natural gas
exploration companyfocusing exploration efforts in the under-exploited
southern portion of theBakken-Alberta Fairwayin the central portion of
Through a continuously growing team of seasoned oil-patch technical experts,
energy entrepreneurs and energy project finance experts, Norstra looks to
rapidly and methodically grow into a meaningful oil producer.
With lease rates in the Alberta Fairway not yet feeling the inflationary
pressures of the eastern Bakken and Williston basins, but exhibiting the same
superb economics, Norstra's business plan will consist of drilling high
probability wells within this up-and-coming area, with the goal of
consistently increasing shareholder value.
This press release contains "forward-looking statements." 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, and specifically references to the timing of
exploration and drilling work on the South Sun River Prospect. The reader can
identify these forward-looking statements by forward-looking words such as
"may," "will," "expect," "potential," "anticipate," "forecast," "believe,"
"estimate," "project," "plan," "continue" or similar words. The reader should
read statements that contain these words carefully because they discuss future
expectations, contain projections of future results of operations or of
financial condition, or state other forward-looking information.
Forward-looking statements include, but are not limited to, statements
regarding potential oil production, revenues, expansion efforts, and future
plans and objectives of Norstra Energy Inc. The risk factors listed in our
disclosure documents and the cautionary language on the Company's website
provide examples of risks, uncertainties and events that may cause actual
results to differ materially from the expectations and projections described
by Norstra in its forward-looking statements. Actual results relating to,
among other things, oil reserves, production, revenues and profitability could
differ materially from those currently anticipated in such statements. Factors
affecting forward-looking statements include: results of exploration
activities, ability to secure operations staff and equipment; changes in the
operating costs; changes in economic conditions, foreign exchange and other
financial markets; changes of the interest rates on borrowings; in the
investments levels; litigation; legislation; environmental, judicial,
regulatory, political and competitive developments in areas in which Norstra
operates; technological, mechanical and operational difficulties encountered
in connection with Norstra's development activities; and labor relation
matters and costs. The reader should refer to the risk disclosures set out in
the periodic reports and other disclosure documents filed by Norstra from time
to time with the Securities and Exchange Commission and other regulatory
CONTACT: For further information regarding
Norstra Energy Inc., please contact:
Norstra Energy - Investor Relations
Tyler Troup, B.Comm
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