Centor Enters Into a Purchase Agreement for Oil Shale Resources With Over 1.1 Billion Barrels of Recoverable Oil
2013年12月19日 - 12:39AM
Centor, Inc. (OTCBB:CNTO) is pleased to announce that it has
completed a Sale and Purchase Agreement to acquire 55% working
interest in an oil shale resource with over 1.1 Billion barrels of
recoverable oil in the Pasquia Hill region of east central
Saskatchewan, Canada. The oil shale leases cover qualified 21,658
acres. The property's resources are estimated based upon
analysis of previously completed geological surveys, core drilling
programs and laboratory testing. A Contingent Resources
Evaluation Report (the "Report") was prepared on the leases,
effective September 1, 2013 using assumptions and methodology
guidelines outlined in the Canadian Oil and Gas Handbook and in
accordance with National Instrument 51-101 "Standards of Disclosure
for Oil and Gas Activities". The following estimates of gross
contingent resources for the Pasquia Hills oil shale leases are
outlined below:
Low Estimate: 1,098 billion
barrels oil. |
Best Estimate: 1,185 billion
barrels oil. |
High Estimate: 1,481 billion
barrels oil. |
Oil Shale is one of the last remaining significant untapped
sources of oil. The US Geological Society estimates a total of
2.5 to 3 Trillion barrels of identified resources
worldwide. With the trend of ever increasing crude oil prices
over time, acquiring proven oil resources is considered an
appreciating asset for the Company.
Mr. Sullivan stated; "This is an extraordinary acquisition of an
established world-class resource with significant upside
potential. This resource will underpin our strategy to develop
a large-scale oil shale to liquids commercial operation. It
provides a core hub to kick off our oil shale operations,
broadening the Company's revenue base with an entry into an
expansive energy sector. We will be pursuing additional energy
resources and look forward to updating shareholders on continued
progress in the first quarter of 2014. As always our goal is to
provide profitable growth and consistently expand shareholder value
for the Company."
James Michael Sullivan, President and CEO
For further Information and inquiries please call:
866-491-3128.
FORWARD LOOKING STATEMENTS
Certain statements in this release, other than statements of
historical fact, may include forward-looking information that
involves various risks and uncertainties. There can be no assurance
that such forward-looking statements will prove to be accurate.
Actual result and future events could differ materially from those
anticipated in such statements. These and all subsequent written
and oral forward-looking statements are based on the estimates and
opinions of management on the dates they are made and expressly
qualified in their entirety by this notice. The Company assumes no
obligation to update forward-looking statements should
circumstances or management's estimates or opinions change, other
than as required pursuant to applicable securities laws.
CONTACT: Centor, Inc.
866-491-3128
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