SOUTHLAKE, Texas, Aug. 21, 2013 (GLOBE NEWSWIRE) -- NORSTRA ENERGY INC. WWW.NORSTRAENERGY.COM (OTCQB:NORX) ("Norstra" or the "Company") is pleased to announce that they have received notice from their potential joint venture investment partner, Directional Drilling, LLC (or the "Directional"), that they are nearing the completion of their due diligence, which is in anticipation of their decision to proceed, which has a deadline of August 30th, 2013.
Directional is satisfied with the documents and other materials provided by the Company which is being reviewed by their Legal, Accounting, Engineering, Geological and other consultants. The company will update Shareholders of any progress on a real-time basis.
On the basis of judicious decision making affecting time and finances, the Company has decided to place a temporary hold on the delivery of the drill rig from Gasco Drilling (or "Gasco); if this definitive contract is completed with Directional one rig would be used to complete both the casing work as well as the 8,800' vertical portion of the well. Gasco cannot perform both these operations for the company.
Glen Landry, CEO, Norstra stated: "We can appreciate our Shareholders have been quite patient, and we are thankful for this, but we need to explore, on a prudent basis, the most Shareholder friendly route. For example, if we can save money by doing the work with one rig, then that's a no brainer. We also feel that time can be saved taking this route."
Mr. Landry went on to say: "Our operator has reviewed the contract from the aforementioned deep drilling contractor, on a line by line basis, and most of the terms and conditions appear to be in order.
"We also encourage all Shareholders to call the toll free Investor Relations number below as well as join our e-newsletter located on the bottom of the Company's website."
DISCLAIMER
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.