Norstra Acquires New Land and Provides Update on Seismic Data
April 22 2013 - 9:00AM
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
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