WINTERPARK, Fla., Feb. 4, 2014 (GLOBE NEWSWIRE) -- CENTOR ENERGY INC (OTCQB:CNTO) is pleased to announce that it has executed a $1.25 million loan agreement with a private lender Fortuitus Investments, Inc.. The loan will be funded in phases and partial proceeds will be used to complete the pending acquisition of the 55% working interest in the Pasquia Hills Oil Shale Project scheduled for February 16, 2014 as well as to complete the Hatch Ltd. feasibility study to determine economic criteria for commerciality and refine an operational plan to extract the oil shale resource. The Company has previously received $350,000 from this lender and has a successful working history.
James Michael Sullivan, President and CEO of Centor Energy stated: "Pasquia Hills was first explored by Sun Oil in 1964. In September of 2006 a more aggressive exploration permit was granted and in excess of $2.5 million has been spent in exploration and proving these reserves, to the extent that in 2013 a 15 year working lease was approved and granted with an effective starting date of March 7, 2013. Now on February 16, 2014 Centor Energy will own a 55% working interest in this extraordinary oil shale project. This is a major milestone accomplishment and I cannot understate the importance of this acquisition for the Company. It is extremely important to recognize the Hatch feasibility study is one of the final steps to operationalize this project, a project with over 1.1 billion barrels of contingent resources. The shallow overburden and economic feasibility of this project as reported in the Chapman Petroleum Engineering, Ltd December 1, 2013 Evaluation Report is truly exciting and I encourage all shareholders to read the full report available on our website. (www.centorenergyinc.com). I would also like to take this opportunity to acknowledge the confidence and further validation by our lender in providing financing. It is extremely important to have a lender who understands the petroleum and energy sectors as well as believes in our management team and we look forward to a long continuing relationship as we explore new opportunities for the Company."
We look forward to further updates as we complete the closing and continue to develop the oil shale resources in Pasquia Hills.
For further Information and inquiries please call: 866-491-3128.
About Centor Energy Inc. Centor Energy Inc. is an emerging energy company that develops and explores oil and gas and mining opportunities throughout the world with a focus on oil and gas in North America. The Company's management has a unique network and expertise to source new project opportunities within the petroleum, energy and mining sectors. The Company has an aggressive strategy and technical expertise targeting undervalued projects that require additional resources that can be leveraged to create long-term capital growth and shareholder value.
Safe Harbor Statement
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Centor Energy, Inc. encourages those interested in our Company to rely only on information included in our filings with the United States Securities and Exchange Commission which can be found at www.sec.gov. Statements released by Centor Energy, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.