Xtra Energy Corp. Signs Letter Of Intent To Acquire Massive Oil
Shale Concession In Pasquia Hills
FORT LAUDERDALE, Fla.,
Oct. 16, 2012 /PRNewswire/
-- Xtra Energy Corp. ("Xtra Energy" or the "Company")
(Pinksheets: XTPT), announced today that it has entered into a
Letter of Intent with 1632623 Alberta Ltd, and OilShale
International Corporation, both private Alberta, Canada registered
corporations to acquire all of the outstanding shares of
OilShale International from 1632623 Alberta Ltd. OilShale
International Corporation owns a 55% working interest in the
Pasquia Hills oil shale permit SHP00008.
Upon the conclusion of the terms of the acquisition of OilShale
International Corp., XTPT will own a total of a 55% working
interest in a oil shale permit SHP00008 which encompasses an area totaling
68,910 acres located in Pasquia Hills region in east central
Saskatchewan, Canada. XTPT,
1632623 Alberta Ltd and OilShale International Corp. have agreed to
work towards concluding a signed definitive Acquisition Agreement
on or before October 31, 2012.
Rising oil prices, declining conventional oil production and the
growing dependency on foreign oil supplies have mandated the need
to develop the large unconventional energy resources including oil
sands, shale oil and gas and oil shale found in North America. Oil shale is one of the most
abundant and accessible energy resources in North America. The US Geological Survey
estimates that there are 2.5 to 3 trillion barrels of proven
resources of oil shale throughout the world equivalent to two times
the total world conventional oil reserves and oil shale will become
an important and strategic component in the future energy supply
mix and self sufficiency for North
America. XTPT's vision is to be an industry leader in oil
shale production and with this acquisition XTPT will be well
positioned to become amongst the first oil shale producers in
North America.
Xtra's main objective for its oil shale project for the
remainder of the 2012 will be to engage in an aggressive
exploration and development drilling program, to further delineate
and define the oil shale deposit in order to identify an optimum
initial oil shale mine site for the establishment of a pilot
processing and Shale-to-Liquids production plant.
About Xtra Energy
Xtra Energy is a publicly traded energy company focused on
seeking to acquire unconventional and conventional oil and gas
assets and production in North
America. Xtra Energy's common shares trade on the Pinksheets
under the symbol "XTPT."
Anyone wishing to be added to the Company's news release
recipients list may forward an e-mail request to lmacdonald@xtpt.co
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.
Contact:
Xtra Energy Corp.
Investor Relations
954-366-2932
SOURCE Xtra Energy Corp.
