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  • Xtra Energy Corp releases information relating to previous prefeasibility study conducted on its recently acquired Pasquia Hills oil shale property

Xtra Energy Corp releases information relating to previous prefeasibility study conducted on its recently acquired Pasquia Hills oil shale property

Wednesday, Nov 14, 2012

FORT LAUDERDALE, Fla. , Nov. 13, 2012 /PRNewswire/ -- Xtra Energy Corp. ("Xtra Energy" or the "Company") (Pinksheets: "XTPT"), released today information on the beneficial intrinsic value received by Xtra Energy in relation to the acquisition of Oilshale International Corp. ("OSIC") involving the previous capital expenditures incurred and engineering studies conducted on Xtra Energy's Pasquia Hills oil shale permits.

OSIC which is a wholly owned subsidiary of Xtra Energy and the other joint venture partners in the Pasquia Hills oil shale permit SHP00008 have previously contracted Hatch Ltd., to undertake a prefeasibility study ("PFS") on the Pasquia Hills oil shale deposit. Hatch Ltd. is a world leader in Consulting, Engineering, Procurement and Construction Management and has extensive expertise in the design and engineering of oil shale mining and processing facilities and has completed several oil shale mining, plant construction and feasibility studies in the United States, Jordan, Australia and China.

OSIC  and the other Pasquia Hills oil shale joint venture partners are in the process of completing a PFS using Hatch Ltd. for the development of a Shale to Liquids Plant at its Pasquia Hills oil shale property. The PFS will assess the applicable mining, extraction and refining methods and provide details on equipment, capital and operating costs as part of a detailed mining and production scope analysis to confirm commerciality and / or the conditions required for commerciality of Xtra Energy's identified oil shale resources and deposit.

The PFS is one of the studies necessary to explore the manner in which the Pasquia Hills oil shale property of which $350,000 has been expended to date on the PFS. The PFS will incorporate the results of the previously completed 13 core hole drilling exploration and development programs. This program resulted in an internal gross contingent resources estimate of 1.878 billion barrels of oil distillate over an identified oil shale deposit encompassing 38,223 acres. The PFS will assess the applicable mining, extraction and refining methods and provide details on equipment, capital and operating costs as part of a detailed mining and production scope analysis to confirm commerciality and / or the conditions required for commerciality of these identified oil shale resources.

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."

SOURCE Xtra Energy Corp.

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