Xtra Energy Corp Signs Definitive Agreement to Acquire Oilshale International Corp.
FORT LAUDERDALE, Fla., Oct. 22, 2012 /PRNewswire/ — Xtra Energy Corp. (“Xtra Energy” or the “Company”) (Pinksheets: “XTPT”), announced today that it has a definitive agreement with Oilshale International Corp, a private Alberta, Canada registered company (“OSIC”) to acquire all of the outstanding shares of OSIC. OSIC owns a 55% working interest in the Pasquia Hills oil shale permit SHP00008.
According to the definitive agreement, Xtra Energy will issue a total of 90 million restricted shares to the shareholders of Oilshale International Corp to acquire 100% of the company’s shares and assets including but not limited to oil shale permit SHP00008.
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 gas and oil shale found in North America. Oil shale will become an important and strategic component in the future energy supply mix and self-sufficiency for North America. Xtra Energy’s vision is to be an industry leader in oil shale production and is well positioned to become amongst the first oil shale producers in North America.
Xtra’s main objective for its oil shale program 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 production in North America. Xtra Energy’s common shares trade on the Pinksheets under the symbol “XTPT.”
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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.