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Xtra Energy Corp. announced that it has entered a letter of intent with 1632623 Alberta Ltd. and OilShale International Corp. to acquire all of the outstanding shares of OilShale International from 1632623 Alberta Ltd.
OilShale International Corp. owns a 55% working interest in the Pasquia Hills oil shale permit SHP00008.
Upon the conclusion of the terms of the acquisition of OilShale International Corp., Xtra will own a total of a 55% working interest in oil shale permit SHP00008, which encompasses an area totaling 68,910 acres located in Pasquia Hills region in east central Saskatchewan, Canada. Xtra, 1632623 Alberta Ltd., and OilShale International Corp. have agreed to work toward concluding a signed definitive acquisition agreement on or before Oct. 31.
Xtra's main objective for its oil shale project for the remainder of the 2012 will be to engage in an aggressive exploration and development drilling program.