FORT LAUDERDALE, Fla. , Oct. 22, 2012 /PRNewswire/ -- Xtra Energy Corp. ("Xtra Energy" or the "Company") (Pinksheets: "XTPT"), announced today that it has a definitive agreement with Oilshale International Corp, a private Alberta, Canada registered company ("OSIC") to acquire all of the outstanding shares of OSIC. OSIC owns a 55% working interest in the Pasquia Hills oil shale permit SHP00008 .
According to the definitive agreement, Xtra Energy will issue a total of 90 million restricted shares to the shareholders of Oilshale International Corp to acquire 100% of the company's shares and assets including but not limited to oil shale permit SHP00008 .
Rising oil prices, declining conventional oil production and the growing dependency on foreign oil supplies have mandated the need to develop the large unconventional energy resources including oil sands, shale gas and oil shale found in North America . Oil shale will become an important and strategic component in the future energy supply mix and self-sufficiency for North America . Xtra Energy's vision is to be an industry leader in oil shale production and is well positioned to become amongst the first oil shale producers in North America .
Xtra's main objective for its oil shale program for the remainder of the 2012 will be to engage in an aggressive exploration and development drilling program, to further delineate and define the oil shale deposit in order to identify an optimum initial oil shale mine site for the establishment of a pilot processing and Shale-to-Liquids production plant.
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