NORX huge chart mover here with news, gapper today?
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Norstra Acquires New Land and Provides Update on Seismic Data
2013-04-22 09:00 ET - News Release
SOUTHLAKE, Texas, April 22, 2013 (GLOBE NEWSWIRE) -- NORSTRA ENERGY INC. WWW.NORSTRAENERGY.COM(OTCQB:NORX) ("Norstra" or the "Company") is pleased to announce that its management and technical team met with the company's operator to review current operations and establish detailed guidelines for the planned drilling program on the South Sun River Project.
Norstra currently has over 14 miles of seismic lines ordered from QEP Resources (NYSE:QEP) and PacSeis. It is expected that the reprocessed seismic data will be in place within a couple of weeks. Once the review of the seismic lines is complete, the company's geophysical consultant will reinterpret the data, prepare a geophysical presentation to management and suggest the first drill locations. Even during the current process of acquiring the data, there is constant discussion with the geophysicist to pinpoint the first drill location. Additional data will be purchased in adjoining sections for additional drill locations.
Preliminary review of the seismic suggests an abundance of thrust sheets in the area. Norstra has requested additional acreage from Summit West Oil where the blocks have been noted from the preliminary review. Summit West agreed to add 2 full sections (1,280 acres) to the project based on the same terms as the original Farmout Agreement. This brings the total prospect size to over 11,300 acres.
Glen Landry, CEO, Norstra Energy stated: "Adding the additional acreage at this point is a very important step for Norstra to ensure that we give the company and our investors the best possible opportunity to drill the first wells on our lands. We were always planning to increase our land position over time, and after reviewing the first technical data during the operational meetings, we decided to accelerate that process. Everybody is looking forward to getting the surface casing set for the first test."
About Norstra Energy Inc.
Norstra Energy Corporation is a Texas and Montana based oil and natural gas exploration company focusing exploration efforts in the under-exploited southern portion of the Bakken-Alberta Fairway in the central portion of western Montana.
Through a continuously growing team of seasoned oil-patch technical experts, energy entrepreneurs and energy project finance experts, Norstra looks to rapidly and methodically grow into a meaningful oil producer.
With lease rates in the Alberta Fairway not yet feeling the inflationary pressures of the eastern Bakken and Williston basins, but exhibiting the same superb economics, Norstra's business plan will consist of drilling high probability wells within this up-and-coming area, with the goal of consistently increasing shareholder value.
Disclaimer
This press release contains "forward-looking statements." Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, and specifically references to the timing of exploration and drilling work on the South Sun River Prospect. The reader can identify these forward-looking statements by forward-looking words such as "may," "will," "expect," "potential," "anticipate," "forecast," "believe," "estimate," "project," "plan," "continue" or similar words. The reader should read statements that contain these words carefully because they discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. Forward-looking statements include, but are not limited to, statements regarding potential oil production, revenues, expansion efforts, and future plans and objectives of Norstra Energy Inc. The risk factors listed in our disclosure documents and the cautionary language on the Company's website provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations and projections described by Norstra in its forward-looking statements. Actual results relating to, among other things, oil reserves, production, revenues and profitability could differ materially from those currently anticipated in such statements. Factors affecting forward-looking statements include: results of exploration activities, ability to secure operations staff and equipment; changes in the operating costs; changes in economic conditions, foreign exchange and other financial markets; changes of the interest rates on borrowings; in the investments levels; litigation; legislation; environmental, judicial, regulatory, political and competitive developments in areas in which Norstra operates; technological, mechanical and operational difficulties encountered in connection with Norstra's development activities; and labor relation matters and costs. The reader should refer to the risk disclosures set out in the periodic reports and other disclosure documents filed by Norstra from time to time with the Securities and Exchange Commission and other regulatory authorities.
CONTACT: For further information regarding
Norstra Energy Inc., please contact:
Norstra Energy - Investor Relations
Tyler Troup, B.Comm
Phone: 1-866-865-2780
E-mail: ir@norstraenergy.com
Website: www.norstraenergy.com
