Centor Inc. (OTCBB:CNTO) has completed a sale and purchase agreement to acquire 55% working interest in an oil shale resource with over 1.1 billion barrels of recoverable oil in the Pasquia Hills region of Saskatchewan, Canada.
The oil shale leases cover qualified 21,658 acres. The property's resources are estimated based upon analysis of previously completed geological surveys, core drilling programs, and laboratory testing. A contingent resources evaluation report was also prepared on the leases.
President and CEO James Michael Sullivan said, “This resource will underpin our strategy to develop a large-scale oil shale to liquids commercial operation. It provides a core hub to kick off our oil shale operations, broadening the company's revenue base with an entry into an expansive energy sector.”