Xtra Energy Engages Chapman Petroleum Engineering to Update Pasquia
Hills Oil Shale Resource Evaluation and Prepare Oil Shale
Exploitation Analysis
FORT LAUDERDALE, Fla.,
Oct. 24, 2012 /PRNewswire/ -- Xtra
Energy Corp. ("Xtra Energy" or the "Company") (Pinksheets:
"XTPT"), is pleased to announce the engagement of Chapman
Petroleum Engineering Ltd., www.chapeng.ab.ca, a respected
Calgary based petroleum
engineering consulting firm to prepare an updated National
Instrument 51-101 compliant engineering evaluation resource report
("the Resource Report") for its identified oil shale deposit and
permit located in the Pasquia Hills region in northeastern
Saskatchewan, Canada.
Chapman Petroleum Engineering Ltd. ("Chapman Engineering")
founded in 1985, is a consulting firm providing comprehensive
petroleum engineering, geological and geophysical and management
services including reserve and economic evaluations, resource
assessments, acquisition analysis, specialized technical studies,
exploitation and resource management services and representation
for regulatory and legal purposes.
The key professionals at Chapman Engineering each have 25 to 40
years of broadly diversified experience in the oil & gas
industry, both domestically in Canada and internationally. They are Qualified
Evaluators and Auditors under Canadian Securities Regulation NI
51-101.
Xtra Energy, in preparation for the next phase of the
exploration and development program for its recently acquired
Pasquia Hills oil shale property has undertaken to retain Chapman
Petroleum Engineering Ltd. to prepare in conjunction with Xtra
Energy's management, the oil shale Resource Report to update a
previous Resource Report prepared by Chapman Petroleum Engineering
Ltd. in order to expedite the development of Xtra Energy's Pasquia
Hills oil shale property and to better inform and educate the
public of the potential of its discovered in-place oil shale
resource deposit.
The Resource Report will contain a contingent resource
calculation amount measured in recoverable barrels of oil in-place
and a geological discussion summarizing the results of the previous
core hole drilling programs and laboratory results from which the
original oil shale resource calculation for permit SHP00008 was extracted. The newly commissioned
Resource Report will also address recent developments in other oil
shale ex-situ projects, and evaluate oil shale exploitation
strategies and commercial viability.
Xtra Energy is encouraged by the successful publicly announced
results of the previously conducted core hole drilling program and
laboratory analysis of the oil shale cores as well as the other
described engineering data that resulted in August 2009, of a publicly released NI 51-101
compliant Contingent Resources Report prepared by Chapman Petroleum
Engineering Ltd. on Xtra Energy's Pasquia Hills permit which
estimated contingent and/or prospective oil shale resources of
gross 1.88 billion barrels (net 1.034 billion barrels) of
recoverable oil distillate, and has now commissioned a similar
evaluation on the Xtra Energy's oil shale holdings.
As previously reported, Xtra Energy's Pasquia Hills oil shale
property consists of a total of 68,910 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 SHP00008 though
its recently purchased wholly-owned Canadian subsidiary Oilshale
International Corp.
About Xtra Energy Corp.
Xtra Energy 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 "XTPT."
Anyone wishing to be added to the Company's news release
recipients list may forward an e-mail request to
info@xtraenergy.co.
Ms 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.
