Xtra Energy Announces Completion Of Pasquia Hills Oil Shale Core Hole Drilling Program
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."
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Ms Linda MacDonald
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.
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Xtra Energy Announces NI 51-101 Contingent Resource And Commerciality Factors Report
Feb 27, 2013, 07:00 ET
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