FORT LAUDERDALE, Fla., Oct. 23, 2012 /PRNewswire/ -- Xtra Energy Corp. ("Xtra Energy" or the "Company") (Pinksheets: "XTPT"), released information relating to the newly acquired Pasqua Hill Oilshale and its recoverable oil shale reserves.
According to the information, the Pasqua Hill property acquired from Oilshale International is comprised of a total of 68,910 acres, Permit SHP00008. The total Pasqua Hill property has a total of 1.878 billion barrels (gross) of oil distillate of which Xtra Energy owns 55% working interest, representing a total of 1.034 Billion barrels net to Xtra Energy Corp.
The company owns several options to increase its working interest up to 66% of the property or up to 1.239 billion barrels net to Xtra Energy Corp.
The Pasqua Hill property has undergone a series of exploration program, where a total of 13 core holes were drilled on the deposit and 150 meters of oil shale core samples have been analyzed thus far. The oil shale discovered is strategically located at or near the out crop edge providing the most advantageous to strip mining production. The overburden thickness of 3.29 meters to 27 meters has been observed and average oil shale deposit thickness is 23 meters with a maximum thickness of net oil shale of 29 meters.
Current studies demonstrate the estimated operating cost to be $25 to $35 per barrel, making the Xtra Energy one of the most efficient oil shale properties in North America.
"In simple terms, we have a large deposit with superior features, making it one of the great oil shale properties in the world," said Linda MacDonald, President of Xtra Energy Corp. "The results from the 13 samples make this property ideal for near-term production," further added Ms. MacDonald.
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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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.