SOUTHLAKE, Texas, June 24, 2013 (GLOBE NEWSWIRE) -- NORSTRA ENERGY INC. WWW.NORSTRAENERGY.COM (OTCQB:NORX) ("Norstra" or the "Company") is pleased to announce that the 13-11 well was staked last week. Subsequent to the surveying and staking of the well, the Company was required to publish advertising as to its intent to drill. It did so in two local newspapers on June 20. Under Montana regulations the drilling permit can be issued as soon as the ten day waiting period is over. We believe that we will receive the permit no later than July 2, 2013. The site excavation contractor has been contacted, and is available to start immediately after we are officially granted the permit. The Company expects that the pad will be cut between July 8th and 10th. At this time the drill location is ready for the rig to move in and to set surface casing.
"When I contacted Norstra Energy Inc. in February of this year I had no idea what kind of support I would get from the company, its shareholders, investors, industry partners and the oil service industry in our proposed drilling region. The phone has not stopped ringing since we announced our vision to start exploration and development work in this under-developed region," stated Mr. Glen Landry the CEO & President of Norstra Energy Inc. "We have come a very long way in four short months and have accomplished more than we ever thought possible during this time," he continued.
Since Mr. Landry joined Norstra on March 1, 2013, the Company has accomplished the following:
- signed a Farm-in Agreement with Summit West Oil;
- appointed an operator for the first 3 Bakken wells;
- started acquiring significant seismic data;
- received the first seismic reinterpretation from their geophysicists for one drill location;
- received a significant reserve estimate report based on existing technical data;
- signed a Farm-in and Option Agreement and more than doubled their land position;
- immediately reinterpreted additional seismic information on the new lease position and decided on another drill location right away;
- signed a surface use agreement on the new leases right away, sent the surveyor out and already started advertising as part of the permitting process.
"It is really amazing what our team of dedicated consultants has achieved in a very short time. We have several financing proposals on the table and that is really the only missing link to bring this project to fruition. We have been financed through the first part of operations which includes setting the surface casing, but we need to finalize the main financing in the next few weeks" said Mr. Landry.
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 Company being able to secure the drilling permit, secure sufficient financing for the drilling of the proposed well, as well as being able to complete the drilling of a well on the Company's exploration properties. 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, 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: firstname.lastname@example.orgSource:Norstra Energy Inc.