Norstra Announces Progress of Joint Venture Investor's Due Diligence
August 21 2013 - 8:00AM
NORSTRA ENERGY INC. WWW.NORSTRAENERGY.COM (OTCQB:NORX) ("Norstra"
or the "Company") is pleased to announce that they have received
notice from their potential joint venture investment partner,
Directional Drilling, LLC (or the "Directional"), that they are
nearing the completion of their due diligence, which is in
anticipation of their decision to proceed, which has a deadline of
August 30th, 2013.
Directional is satisfied with the documents and other materials
provided by the Company which is being reviewed by their Legal,
Accounting, Engineering, Geological and other consultants. The
company will update Shareholders of any progress on a real-time
basis.
On the basis of judicious decision making affecting time and
finances, the Company has decided to place a temporary hold on the
delivery of the drill rig from Gasco Drilling (or "Gasco); if this
definitive contract is completed with Directional one rig would be
used to complete both the casing work as well as the 8,800'
vertical portion of the well. Gasco cannot perform both these
operations for the company.
Glen Landry, CEO, Norstra stated: "We can
appreciate our Shareholders have been quite patient, and we are
thankful for this, but we need to explore, on a prudent basis, the
most Shareholder friendly route. For example, if we can save money
by doing the work with one rig, then that's a no brainer. We also
feel that time can be saved taking this route."
Mr. Landry went on to say: "Our operator has
reviewed the contract from the aforementioned deep drilling
contractor, on a line by line basis, and most of the terms and
conditions appear to be in order.
"We also encourage all Shareholders to call the toll free
Investor Relations number below as well as join our e-newsletter
located on the bottom of the Company's website."
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 Company being able to secure the
drilling permit, secure sufficient financing for the drilling of
the proposed well, as well as being able to complete the drilling
of a well on the Company's exploration properties. 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, 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: Norstra Energy - Investor Relations
Tyler Troup, B.Comm
Phone: 1-866-865-2780
E-mail: ir@norstraenergy.com
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