FORT-LAUDERDALE, Fla., Oct. 10, 2012 /PRNewswire/ -- Xtra Energy Corp. (Pinksheets: XTPT) announced today that the company will return to its core business of oil and gas and is currently in the final stages of negotiations for the acquisition of exploration and near production oil and gas properties in North America.
Xtra Energy undertook to acquire a gold mining property in Democratic Republic of Congo, Africa in May of 2012. Now after several months of consideration, the board of directors have unanimously decided to divest of all its mining assets, and focus its efforts on acquiring oil and gas properties in North America. The company is in discussion with another publicly traded company for the sale and transfer of its various African properties and to concentrate solely on oil and gas.
"We have been in discussions and negotiations for several months now with very promising exploration and near term production on the oil and gas prospects in North America. This shift in direction was possible due to the unique and exciting opportunity that the company was introduced to," said Ms. Linda MacDonald, President of Xtra Energy Corp. "The return to our roots will assure a strong focus to provide the highest possible return for our shareholders," further added Ms. MacDonald.
About Xtra Energy Corp.
Xtra Energy Corp. is a publicly traded oil and gas exploration company, seeking to acquire and develop oil and gas properties in North-America.
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended; such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operations to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors, which could materially affect the Company and its operations, are included on certain forms the Company files with the Securities and Exchange Commission.
Xtra Energy Corp.
SOURCE Xtra Energy Corp.