Xtra Energy Corp. announced that it has 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 Resource Report is intended to provide general information on the oil shale industry and to better inform and educate the public of the potential of Xtra Energy's identified oil shale deposit at Pasquia Hills. The Resource Report also includes a sensitivity analysis of the basic parameters for commerciality of a Shale-to-Liquids Plant Facility and project and to assist the Company in planning its future development activity. Xtra Energy's Pasquia Hills oil shale property consists of a total of 86,533 gross acres of oil shale exploration and development rights located in the Pasquia Hills region of northeastern Saskatchewan, Canada. Xtra Energy holds a 55% working interest in the oil shale permit SHP0008 through its recently purchased wholly-owned Canadian subsidiary Oilshale International Corp.

Xtra Energy Corp. announced that the company has commenced preparations for an oil shale exploration and development core hole drilling program for its unconventional oil shale property located Pasquia Hills, Saskatchewan, Canada. Company’s geological, engineering and operations team have completed an engineering evaluation analysis and identified three core hole drilling locations and has initiated permitting and surface lease documentation in accordance with Saskatchewan government and regulatory regulations. Negotiations with drilling contractors are currently underway and drilling license application approvals to the Saskatchewan Petroleum Energy, Mines and Lands Branch are also in the process of being submitted. The exploration and development drilling program is expected to commence in late November 2012 and the gross costs for the core hole drilling program are estimated at $250,000. Company’s core hole drilling program will consist of up to three core holes, targeting an identified sweet spot to examine, optimize information and further delineate the company’s oil shale deposit and to determine the primary mine site for the establishment of a Shale-to-Liquids production plant. Company’s Pasquia Hills oil shale property has undergone two previous successful exploration and development core hole drilling and analysis programs, involving the drilling of a total of 13 core holes on the permit and 150 meters of oil shale core samples have been analyzed at a total 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 core holes located within the mapped area, as well as published Saskatchewan government information have extensively delineated the company's oil shale resource deposit. The successful results from the previous core hole drilling programs and associated laboratory analysis of the oil shale cores as well as the other described engineering data resulted in August 2009 of a publicly released NI 51-101 compliant Contingent Resources Report by Chapman Petroleum Engineering Ltd. which estimated contingent and/or prospective oil shale resources of gross 1.88 billion barrels (net 1.034 billion barrels) of recoverable oil distillate. The company wishes to correct information disclosed through previous public new releases, that the Company's oil shale Permit SPH00008 consisted of 68,910 acres. In fact, company’s oil shale permit SHP00008 encompasses at total of 86,533 contiguous acres of oil shale exploration and development rights. Company’s Pasquia Hills oil shale property consists of a total of 86,533 acres of oil shale exploration and development rights located in the Pasquia Hills region of northeastern Saskatchewan, Canada. The company holds a 55% working interest in the oil shale permit SHP0008 though it’s recently purchased wholly-owned Canadian subsidiary Oilshale International Corp.

Xtra Energy Corp. is seeking acquisitions. XTPT is looking to acquire a gold mining property in Democratic Republic of Congo, Africa. The Board of Directors of XTPT also earlier in October 2012 decided to divest all of its mining assets and focus on acquiring oil and gas properties in North America.