SOUTHLAKE, Texas, May 28, 2013 (GLOBE NEWSWIRE) -- NORSTRA ENERGY INC. WWW.NORSTRAENERGY.COM (OTCQB:NORX) ("Norstra" or the "Company") is pleased to announce that its geological team has identified the first drill location on the Company's South Sun River Bakken Prospect.
The company has contacted its Billings, Montana based surveyor to make plans for staking the ground as early as this week. The surveyor will fine-tune the drill pad layout and final location during his site visit in Lewis & Clark County. Once the stakes are in the ground, Norstra plans to apply for its drilling permit and submit the Form No. 22 R 10/09 to the Montana Board of Oil and Gas Conservation. Based on Montana law, a 10 day advertising period will follow and the permit is expected to be granted shortly thereafter.
Mr. Landry, CEO & President, Norstra stated: "This is a major step towards drilling the first well on the South Sun River project. Based on the seismic presentation by our geophysicist, and upon reviewing the ground conditions of the area, we believe that the chosen drill pad location is going to provide exceptional drilling results. The drill location is easily accessible from the highway and the company has already contacted the surface owners to negotiate a surface use agreement, which we anticipate reaching an agreement in short order. This is a major milestone for Norstra that puts us on track to fulfilling our farm out obligation which requires us to drill a complete well by December 31, 2013."
"We are very pleased with the corporate development of Norstra—the advantage of being a smaller company like us is the fast pace of execution. We are still on schedule to set surface casing at the end of June or early July based on availability of a rig."
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 timing and ability of the Company to drill a well on the South Sun River Prospect, as well as the the production and reserves of such a well. 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 drilling, 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.
CONTACT: For further information regarding Norstra Energy Inc., please contact: Norstra Energy - Investor Relations Tyler Troup, B.Comm Phone: 1-866-865-2780 E-mail: email@example.com Website: www.norstraenergy.comSource:Norstra Energy Inc.