FORT LAUDERDALE, Fla.,
Feb. 27, 2013 /PRNewswire/
-- Xtra Energy Corp. (Pinksheets: XTPT) is pleased to
announce the results of a NI 51-101 Contingent Resource Report on
estimated recoverable oil volumes on its Pasquia Hills oil shale
permit.
Chapman Petroleum Engineering Ltd. www.chapeng.ab.ca has
confirmed and updated prior estimates of recoverable oil distillate
volumes and completed an NI 51-101 Engineering Evaluation Report of
Contingent Resources and Commerciality Factors on Xtra Energy's
Pasquia Hills oil shale permit located in northeastern Saskatchewan.
The resources estimates provided in the NI 51-101 Engineering
Evaluation Report were evaluated by Chapman Petroleum Engineering
Ltd., a certified reserves evaluator and auditor. The NI 51-101
Evaluation Contingent Resources and Commerciality Report (the
"Resource Report"), used assumptions and methodology guidelines
outlined in the Canadian Oil and Gas Handbook ("COGE Handbook") and
in accordance with National Instrument 51-101 "Standards of
Disclosure for Oil and Gas Activities" ("51-101").
The NI 51-101 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.
Chapman Petroleum Engineering Ltd. has evaluated and reported
the following estimates of gross contingent resources for Xtra
Energy's Pasquia Hills oil shale permit and identified deposit:
- Best
Estimate:
1,878 billion barrels oil (distillate product);
- High Estimate:
2,348 billion barrels oil (distillate product);
The geological mapping in the Resource Report confirms that the
identified oil shale deposit covers and is present underlying
38,223 acres or 15,289 hectares, and has an average oil shale
thickness of 22.96 meters (75 feet). Xtra Energy has a net 55%
working interest in the Pasquia Hills oil shale permit and
deposit.
Ms. Linda MacDonald, President of
Xtra Energy stated; "We are very pleased with the positive results
and oil resource volume estimates described in the NI 51-101
Resource Report as well as the test results from our recent core
hole drilling program which is an important milestone for Xtra
Energy and the development of the Pasquia Hills oil shale property.
The NI 51-101 Resource Report has highlighted and confirms the
success of the Company in acquiring and continuing to delineate a
world class oil shale deposit. The commerciality factors presented
in the Resource Report demonstrates that a commercial oil shale
mining and production operation can be commercially viable on the
Company's permits as the oil shale quality and oil distillate
yields and product composition have been measured and geologically
mapped and shown to be consistent over the identified oil shale
deposit."
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.
The NI 51-101 Resource Report will be available for viewing on
the Company's website which will be completed by March 9, 2013.
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.