NORX Meets Initial Farm in Requirements; Approved for German Listing
2013-04-29 09:00 ET - News Release
SOUTHLAKE, Texas, April 29, 2013 (GLOBE NEWSWIRE) -- NORSTRA ENERGY INC. WWW.NORSTRAENERGY.COM (OTCQX:NORX) ("Norstra" or the "Company") announces that it has satisfied its financing obligations under the farm in agreement with Summit West Oil by providing funding for exploration activities on the South Sun River Bakken Prospect. As previously mentioned by the Company, Summit West has been impressed with Norstra's operations and has granted the Company an additional three sections in the South Sun River Bakken area under the same terms as the initial farm-in arrangement.
"We now hold rights to over 12,000 acres and with the three new sections we expect to pinpoint the first 2 well locations in short time," said Mr. Landry, Norstra's CEO. "We are also actively working on increasing our land position in the next few months and have started negotiations with several parties."
Additionally, the Company engaged Renell Wertpapierhandelsbank AG of Frankfurt, Germany to file an application with Deutsche Boerse AG to list Norstra's shares on the Berlin Stock Exchange. The Company's application was accepted in short order and its shares are now trading on the Berlin Stock Exchange under the symbol 2NE.
"We were eager to give our company additional exposure in Europe during this phase of our corporate development and capitalize off the significant momentum we have created on the ground and with the investment community," stated Mr. Landry. "We recognized that several German companies like BASF, for example, are moving parts of their operations to the US to take advantage of the lower energy costs and overall climate of the U.S. energy industry. We believe that an American energy company like Norstra Energy Inc. will create significant investor interest in Germany and throughout the European Community," he continued.
In anticipation of the listing Norstra has updated its website with a German version and initiated steps to open up a branch office in Germany by no later than the end of May, 2013.
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 or outcomes of exploration and drilling work on the South Sun River Prospect as well as the company's ability to raise capital and secure investor interest in Germany and the European Community. 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 drilling, wells, 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,exploration activities, 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,
please contact:
Norstra Energy - Investor Relations
Tyler Troup, B.Comm
Phone: 1-866-865-2780
E-mail: ir@norstraenergy.com
Website: www.norstraenergy.com
