Xtra Energy Corp Signs Definitive Agreement to Acquire Oilshale
International Corp.
FORT LAUDERDALE, Fla.,
Oct. 22, 2012 /PRNewswire/ -- Xtra
Energy Corp. ("Xtra Energy" or the "Company") (Pinksheets:
"XTPT"), announced today that it has a definitive agreement
with Oilshale International Corp, a private Alberta, Canada registered company ("OSIC") to
acquire all of the outstanding shares of OSIC. OSIC owns a 55%
working interest in the Pasquia Hills oil shale permit SHP00008.
According to the definitive agreement, Xtra Energy will issue a
total of 90 million restricted shares to the shareholders of
Oilshale International Corp to acquire 100% of the company's shares
and assets including but not limited to oil shale permit
SHP00008.
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 gas and oil shale found in North America. Oil shale will become an
important and strategic component in the future energy supply mix
and self-sufficiency for North
America. Xtra Energy's vision is to be an industry leader in
oil shale production and is well positioned to become amongst the
first oil shale producers in North
America.
Xtra's main objective for its oil shale program 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
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
info@xtraenergy.co.
Linda
MacDonald
President
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.
