Xtra Energy Corp. Signs Letter Of Intent To Acquire Massive Oil Shale Concession In Pasquia Hills
FORT LAUDERDALE, Fla., Oct. 16, 2012 /PRNewswire/ — Xtra Energy Corp. (“Xtra Energy” or the “Company”) (Pinksheets: XTPT), announced today that it has entered into a Letter of Intent with 1632623 Alberta Ltd, and OilShale International Corporation, both private Alberta, Canada registered corporations to acquire all of the outstanding shares of OilShale International from 1632623 Alberta Ltd. OilShale International Corporation owns a 55% working interest in the Pasquia Hills oil shale permit SHP00008.
Upon the conclusion of the terms of the acquisition of OilShale International Corp., XTPT will own a total of a 55% working interest in a oil shale permit SHP00008 which encompasses an area totaling 68,910 acres located in Pasquia Hills region in east central Saskatchewan, Canada. XTPT, 1632623 Alberta Ltd and OilShale International Corp. have agreed to work towards concluding a signed definitive Acquisition Agreement on or before October 31, 2012.
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 oil and gas and oil shale found in North America. Oil shale is one of the most abundant and accessible energy resources in North America. The US Geological Survey estimates that there are 2.5 to 3 trillion barrels of proven resources of oil shale throughout the world equivalent to two times the total world conventional oil reserves and oil shale will become an important and strategic component in the future energy supply mix and self sufficiency for North America. XTPT’s vision is to be an industry leader in oil shale production and with this acquisition XTPT will be well positioned to become amongst the first oil shale producers in North America.
Xtra’s main objective for its oil shale project 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 assets and production in North America. Xtra Energy’s common shares trade on the Pinksheets under the symbol “XTPT.”
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Xtra Energy Corp.
SOURCE Xtra Energy Corp.