FORT LAUDERDALE, Fla.,
Feb. 22, 2013 /PRNewswire/
-- Xtra Energy Corp. (OTCPINK: XTPT), is pleased to
announce that it has successfully completed the drilling of its
previously announced three core hole oil shale exploration and
drilling program on its unconventional oil shale property located
in Pasquia Hills, Saskatchewan,
Canada.
The three core holes were drilled across the Xtra Energy's oil
shale permit which encompasses a total of 86,533 acres targeting an
identified "sweet spot" to examine, optimize information and
further delineate the oil shale deposit and to determine the
primary mine site for the establishment of a Shale-to-Liquids
Production Plant Facility. Detailed geological logging of the three
cores holes were conducted and Xtra Energy has been informed by its
on-site geologist that oil shale cores have been extracted and
recovered from the White Speckled Shale of the late Cretaceous
period, the target reservoir from all three of the core holes as
result of the oil shale core hole drilling program.
The collected oil shale core samples were shipped and have been
received by Core Labs of Calgary
where the cores will be cut horizontally and an initial inspection
and analysis will be conducted.
The results of the core hole drilling, geological logging and
the initial inspection and analysis which will involve visually
confirming the amount of meters of core recovered and making a
preliminary analysis of hydrocarbon indicators is expected to be
completed in the next two weeks.
Xtra Energy's Pasquia Hills oil shale property has undergone two
previous successful exploration and development core hole drilling
and analysis programs, involving the previous drilling of a total
of 13 core holes on the company's oil shale permit. A total of 150
meters of oil shale core samples have been analyzed at a total
project cost of over $1.5 million
dollars. In addition, water well log data, plus the results
of the drilling of an additional thirteen Sun Oil (now "Suncor
Energy") core holes located within the mapped area, as well as
published Saskatchewan government
information have extensively delineated the Company's oil shale
resource deposit.
Xtra Energy also wishes to announce that it has engaged the
services of Chapman Petroleum Engineering Ltd., www.chapeng.ab.ca
to prepare a National Instrument 51-101 Contingent Resources and
Commerciality Factors Engineering Report on its oil shale permits
in Pasquia Hills, Saskatchewan
("the Resource Report").
The Resource Report is intended to provide general information
on the oil shale industry and to better inform and educate the
public of the potential of Xtra Energy's identified oil shale
deposit at Pasquia Hills. The Resource Report also includes a
sensitivity analysis of the basic parameters for commerciality of a
Shale-to-Liquids Plant Facility and project and to assist the
Company in planning its future development activity.
Xtra Energy's Pasquia Hills oil shale property consists of a
total of 86,533 gross 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 SHP0008 through its recently
purchased wholly-owned Canadian subsidiary Oilshale International
Corp.
About Xtra Energy Corp.
Xtra Energy Corp. 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@xtpt.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.