Centor Inks Purchase Agreement for Canadian Shale Oil Assets

Centor Resources, Inc. has purchased a 55-percent working interest in shale oil resources in the Pasquia Hill region of east central Saskatchewan, Canada. The assets are estimated to hold more than 1.1 billion barrels of recoverable oil in leases that span 21,658 acres.

These estimates are based on analysis of completed geological surveys, core drilling programs and laboratory testing, Centor stated in a press release.

“This is an extraordinary acquisition of an established world-class resource with significant upside potential,” remarked James Michael Sullivan, Centor president and CEO. “This resource will underpin our strategy to develop a large-scale oil shale to liquids commercial operation. It provides a core hub to kick off our oil shale operations, broadening the Company's revenue base with an entry into an expansive energy sector."

Sullivan was appointed as president and CEO of the company this month following the resignation of Bradley Wilson as president and director. Sullivan held many positions in the energy sector and most recently was the former founder and managing partner of Affluence Capital Corporation, an investment advisory firm focused on energy, renewable and carbon finance.

“The energy sector is an always expanding industry with extraordinary opportunities,” he added. “Centor has an extremely strong network and identified inventory of projects in the oil and gas sector that can be commercialized. I consider this a grass root opportunity in an explosive market sector with immense growth potential and am looking forward to being part of this management team and in developing these opportunities."


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.