SOUTHLAKE, Texas, April 1, 2013 (GLOBE NEWSWIRE) -- Norstra Energy Inc. (OTCQB:NORX) ("Norstra" or the "Company") would like to give a general update on the potential of its South Sun River Prospect in Montana.
As the Petroleum News reported last year (http://www.petroleumnews.com/pntruncate/740199844.shtml), energy and geopolitics expert Michael Economides called Montana a "superpower" when it comes to the nation's energy future. Speaking to the Montana Energy 2012 conference in Billings April 3, 2012, he predicted a robust future for oil and natural gas production in the Bakken oil fields located in Montana and in Canada and North Dakota to the north and east.
"The last time I looked, we were producing 150,000 barrels per day in the Bakken. Today it's nearing 600,000 barrels," said Economides. "I don't think there's a story like this in the history of U.S. oil and gas." Economides is editor-in-chief of Energy Tribune and a professor at the Cullen College of Engineering at the University of Houston.
The American Association of Petroleum Geologists (AAPG) was founded in 1917 and currently the world's largest Professional Geological Society. The AAPG Explore is a monthly Publication by the Geological Society and it covered the Western Montana Bakken Oil Play where the South Sun River Bakken Project is located. As stated in this Publication:
"Across the state from the North Dakota-Montana Bakken play in the Williston Basin, the new Alberta Basin exploration area is seen as analog to existing Devonian shale oil production. Play depths range from 4,000-7,500 feet in the most active exploration region, stretching from the western thrustbelt to the Sweetgrass Arch on the east. Estimates of the total resource in place vary from 10-15 million barrels of oil equivalent per square mile."
The Energy Information Administration (EIA) an agency within the U.S. Department of Energy reported and stated already in November 2006 that:
"With new horizontal drilling and completion technology taken into account, the technically recoverable resource base for the entire Bakken Formation is potentially much larger. A draft study by the late organic geochemist Leigh Price provides estimates ranging from 271 to 503 billion barrels (mean of 413 billion) of potential resource in place. This certain knowledge that 413 billion barrels of in-place oil exists in the Bakken source rocks in the Williston Basin presents the oil industry with an unparalleled exploration opportunity," said Geologist J.W. Price, the Denver-based geologist who conducted the field assessment for the USGS (United States Geological Society).
Norstra is very excited about the opportunities ahead of them and is looking forward to developing the South Sun River Bakken Project. Mr. Landry commented, "The Bakken is a uniform deposit and our initial review of the work that myself, as well as others, did in the 1980s shows that the South Sun River Prospect could have just as much potential as the rest of the Bakken in eastern Montana." Mr. Landry is in the process of assembling the technical team right now and the group will start confirming the first drill location based on the available geological and seismic data. We should also not forget that the first ever successful horizontal well drilled into the Bakken was drilled in Montana in 2000.
About Norstra Energy Inc.
Norstra Energy Inc., a US based oil and gas exploration company with interests in over 10,000 acres of prime Bakken formation land in Montana. The company is targeting the South Sun River Prospect for a horizontal Bakken well proving the prospect from exploration to production.
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 potential of the South Sun River Prospect. 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, and 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.