XTRA ENERGY CORP. Xtra Energy Corp. announced 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 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% working interest in the oil shale permit SHP0008 through its recently purchased wholly-owned Canadian subsidiary Oilshale International Corp.
