WINTERPARK, Fla., Jan. 22, 2014 (GLOBE NEWSWIRE) -- CENTOR ENERGY INC (OTC:CNTO) is pleased to provide this Shareholder update with regard to progress of the Company. The transition from 2013 to 2014 was also a transition for the Company into a multinational corporation entering the petroleum and energy sectors. While we continue to maintain our mining assets in Ghana Africa, one of the most exciting developments for the Company was securing the acquisition of the 55% working interest in the Pasquia Hills Oil Shale Project (the "Oil Shale").
During 2013, the global economy and equity markets obtained new highs and we expect 2014 to be a continuation with the energy sector leading the way. Global demand for oil continues unabated, particularly in large capital rich pacific-rim nations that lack natural resources. This is creating a global interest from potential strategic partners to invest in large unconventional oil deposits, such as oil shale. There are a number of key attributes including technology advancements and robust oil prices have made large undeveloped oil shale deposits such as Pasquia Hills attractive on a global scale. One of the most exciting aspects of the Pasquia Hills project indicated in the formal "Evaluation of Contingent Resources and Commerciality Factors," ("Contingent Resource Report") prepared by Chapman Petroleum Engineering, LTD on December 1, 2013, was the shallow depth of the shale resources. In general terms the closer to the surface the more economically viable the resources are to produce. The Contingent Resource Report indicated production cost of $38.64 per barrel of produced oil. With current crude oil prices over $90 per barrel, it is expected that oil can be extracted from the Oil Shale at healthy margins. The complete Contingent Resource Report is available on our website. www.Centorenergyinc.com
The Company is on track to close the purchase of 55% working interest of the Oil Shale resources on February 16, 2014. Hatch Ltd., a leading global engineering consulting firm, has commenced an independent feasibility study to determine the economic criteria for commerciality. The study is approximately 50% complete and will provide EPC (Engineering, Construction, Procurement) data, including cost estimates and production schedules to develop the resources and commence operations.
On a personal note, this is an exciting time for me to have the opportunity to develop the Pasquia Hills Shale Project and work with the Centor team. We look forward to further updates as we complete the closing and continue to identify other resource opportunities to add shareholder value.
I would also like to take this opportunity to thank our Shareholders for their continued support as we build this Company together.
James Michael Sullivan, President and CEO
For further Information and inquiries please call: 866-491-3128.