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Xtra Energy Wraps Up Core Hole Drilling Program in Saskatchewan

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Xtra Energy Corp. successfully completed the drilling of its previously announced three core hole oil shale exploration and drilling program on its unconventional oil shale property located in Pasquia Hills, Saskatchewan, Canada.

The three core holes were drilled across the Xtra Energy's oil shale permit which encompasses a total of 86,533 acres targeting an identified "sweet spot" to examine, optimize information and further delineate the oil shale deposit and to determine the primary mine site for the establishment of a Shale-to-Liquids Production Plant Facility. Detailed geological logging of the three cores holes were conducted and Xtra Energy has been informed by its on-site geologist that oil shale cores have been extracted and recovered from the White Speckled Shale of the late Cretaceous period, the target reservoir from all three of the core holes as result of the oil shale core hole drilling program.

The collected oil shale core samples were shipped and have been received by Core Labs of Calgary where the cores will be cut horizontally and an initial inspection and analysis will be conducted.

The results of the core hole drilling, geological logging and the initial inspection and analysis which will involve visually confirming the amount of meters of core recovered and making a preliminary analysis of hydrocarbon indicators is expected to be completed in the next two weeks.

Xtra Energy's Pasquia Hills oil shale property has undergone two previous successful exploration and development core hole drilling and analysis programs, involving the previous drilling of a total of 13 core holes on the company's oil shale permit. A total of 150 meters of oil shale core samples have been analyzed at a total project cost of over $1.5 million dollars. In addition, water well log data, plus the results of the drilling of an additional thirteen Sun Oil (now "Suncor Energy") core holes located within the mapped area, as well as published Saskatchewan government information have extensively delineated the Company's oil shale resource deposit.

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