New York, NY -- (ReleaseWire) -- 10/22/2012 -- Xtra Energy Corp. (PINK:XTPT) is an energy company seeking to acquire unconventional and conventional oil and gas assets in North America.
Back in May, XTPT had shifted its focus to gold mining as it looked to acquire a gold mining property in Democratic Republic of Congo, Africa. However, after careful consideration, the Board of Directors of XTPT earlier this month decided to divest all of its mining assets and focus on acquiring oil and gas properties in North America.
Linda MacDonald, President of Xtra Energy, said that the shift in direction was possible due to the unique and exciting opportunity that XTPT was introduced to.
Get more information regarding XTPT here: http://www.wallstreetreport.net/market-scan/?symbol=XTPT
Since shifting its focus back to oil and gas production in North America, XTPT had entered into a Letter of Intent (LOI) with 1632623 Alberta Ltd., and OilShale International Corp. to acquire all of the outstanding shares of OilShale International from 1632623 Alberta Ltd. OilShale has a 55% working interest in the Pasquia Hills oil shale permit. Once the acquisition is completed, XTPT will own the 55% working interest in the oil shale permit. The oil shale permit, SHP0008, is spread over an area of 68,910 acres located in Pasquia Hills region in east central Saskatchewan, Canada.
Rising oil prices and the need to reduce dependence on foreign oil has prompted a number of North American oil producers to focus on developing large unconventional energy resources such as oil sands, shale oil and gas and oil shale. Shale oil, which is a substitute for conventional crude oil, is produced from oil shale. Although extracting shale oil from oil shale is more costly than producing conventional crude oil, higher oil prices have made the process financially feasible for oil producers. In addition, U.S. has major deposits of oil shale and therefore developing these unconventional resources would enable the country to reduce its dependence on foreign oil.
Some of the players involved in shale oil production include Kodiak Oil & Gas Corp. (NYSE:KOG), Whiting Petroleum Corp. (NYSE:WLL) and Oasis Petroleum Inc. (NYSE:OAS). (http://www.wallstreetreport.net/market-scan/?symbol=OAS)
Denver, Colorado-based KOG’s core operating areas include Williston Basin in North Dakota and Montana and the Green River Basin in Wyoming. In Williston Basin, the independent energy company focuses on oil production from multiple zones, which include the Bakken shale.
Find out more about KOG by reading the free trend analysis report here: http://www.wallstreetreport.net/market-scan/?symbol=KOG
WLL, which is also based in Denver, Colorado, controls one of the largest acreage positions in the Bakken resource play in North Dakota. While XTPT is a relatively new player in oil shale production, the company aims to become an industry leader. With the signing of the LOI to acquire OilShale, XTPT has taken a major step towards achieving its goal. XTPT shares are currently trading around $0.270. In the last three months, the stock has gained more than 17%.
Find out more about WLL by reading the free trend analysis report here: http://www.wallstreetreport.net/market-scan/?symbol=WLL
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