FORT LAUDERDALE, Fla., Oct. 24, 2012 /PRNewswire/ -- Xtra Energy Corp. ("Xtra Energy" or the "Company") (Pinksheets: "XTPT"), is pleased to announce the engagement of Chapman Petroleum Engineering Ltd., www.chapeng.ab.ca, a respected Calgary based petroleum engineering consulting firm to prepare an updated National Instrument 51-101 compliant engineering evaluation resource report ("the Resource Report") for its identified oil shale deposit and permit located in the Pasquia Hills region in northeastern Saskatchewan, Canada.
Chapman Petroleum Engineering Ltd. ("Chapman Engineering") founded in 1985, is a consulting firm providing comprehensive petroleum engineering, geological and geophysical and management services including reserve and economic evaluations, resource assessments, acquisition analysis, specialized technical studies, exploitation and resource management services and representation for regulatory and legal purposes.
The key professionals at Chapman Engineering each have 25 to 40 years of broadly diversified experience in the oil & gas industry, both domestically in Canada and internationally. They are Qualified Evaluators and Auditors under Canadian Securities Regulation NI 51-101.
Xtra Energy, in preparation for the next phase of the exploration and development program for its recently acquired Pasquia Hills oil shale property has undertaken to retain Chapman Petroleum Engineering Ltd. to prepare in conjunction with Xtra Energy's management, the oil shale Resource Report to update a previous Resource Report prepared by Chapman Petroleum Engineering Ltd. in order to expedite the development of Xtra Energy's Pasquia Hills oil shale property and to better inform and educate the public of the potential of its discovered in-place oil shale resource deposit.
The Resource Report will contain a contingent resource calculation amount measured in recoverable barrels of oil in-place and a geological discussion summarizing the results of the previous core hole drilling programs and laboratory results from which the original oil shale resource calculation for permit SHP00008 was extracted. The newly commissioned Resource Report will also address recent developments in other oil shale ex-situ projects, and evaluate oil shale exploitation strategies and commercial viability.
Xtra Energy is encouraged by the successful publicly announced results of the previously conducted core hole drilling program and laboratory analysis of the oil shale cores as well as the other described engineering data that resulted in August 2009, of a publicly released NI 51-101 compliant Contingent Resources Report prepared by Chapman Petroleum Engineering Ltd. on Xtra Energy's Pasquia Hills permit which estimated contingent and/or prospective oil shale resources of gross 1.88 billion barrels (net 1.034 billion barrels) of recoverable oil distillate, and has now commissioned a similar evaluation on the Xtra Energy's oil shale holdings.
As previously reported, Xtra Energy's Pasquia Hills oil shale property consists of a total of 68,910 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 SHP00008 though its recently purchased wholly-owned Canadian subsidiary Oilshale International Corp.
About Xtra Energy Corp.
Xtra Energy 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.