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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Norstra Energy Inc (CE) | USOTC:NORX | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000011 | 0.00 | 00:00:00 |
The company is impressed by the progressive investor solicitation rules ushered in with the passage of the JOBS Act, and is enthusiastic that the elimination of the historic ban of general solicitation of accredited investors, which became effective in September 2013, will increase overall investment in emerging growth companies and spawn a new era of well-funded entrepreneurs who are incidentally the largest overall employers in the US.
Having made considerable strides thus far on the Milford Colony prospect, the time has come to raise the funds needed to complete the company's first Bakken targeted well, the Milford Colony 13-11. To date Norstra has acquired seismic data and nearby well logs, received independent research on the underlying oil resource, secured a drilling permit, completed a drill pad and surface casing and consolidated the oil & gas rights on approximately 14,000 acres of Milford Colony lands for the next 5 years. The Company is now finally in the position to raise the funds needed to complete the work on the balance of this first well. Norstra has always intended to access the capital markets for drilling capital, and has designed a unique offering structure that will offer great flexibility for many Investor types, maximizing leverage on the many potential outcomes of our undertakings and, to some extent, mitigating some aspects of our drilling risk.
The only question concerning the oil well funding has been how to structure it: through a joint venture or through a stock subscription. The Company has created a hybrid vehicle which is essentially both of these. The preferred shares offered in this subscription will have a "dual option" attached them, meaning holders will have the option to either convert them to common shares which trade in the open market or convert them into a portion of the Milford Colony's 13-11 well's working interest (direct ownership in the potential cash-flow of the well).
Norstra encourages all interested and qualified investors to reach out to the company toll free at 1-866-865-2780 for further questions regarding the details of this offering.
Glen Landry, CEO, Norstra Energy said: "This change to the securities act of 1933 is one of the best developments for companies and Investors since its inception 80 years ago. Before we could not actively convey our value proposition to the investing community, creating missed opportunities to participants.
"In my 35+ years I have not seen a better exploration prospect. We have the known geology from 3 nearby historical wells showing oil, a great reservoir rock, an optimal reservoir depth of ~8,800 feet and highly prospective Bakken middle member thickness. We also have encouraging physics from our multitude of seismic data.
"Investors and other stakeholders must know we do have a considerable amount of risk with our South Sun River prospect as we have yet to delineate true production in the area. However, we feel we have done our homework with this prospect, and if successful, we have the ability to open up a large part of Lewis and Clark County with many, many wells making us pioneers in the area. With success in our ~14,000 acre prospect we would be very busy for many years to come, and I find it exciting to be able to offer direct participation to our large and loyal shareholder base. Withstanding we fund and deliver Shareholders a producing Bakken oil well, we have a great opportunity to create significant Shareholder value far beyond our projected ~$5.0mm well cost."
The company encourages readers to join our e-newsletter located on the bottom left of the Company's website. We also encourage all readers to review the information regarding the company, including among other items the Company's filings, located at http://www.otcmarkets.com/stock/NORX/company-info."
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 finance or complete the drilling of a well on any of 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 financing arrangements, exploration activities, 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, our prospective convertible debenture, our planned exploration activities, 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: Tyler Troup, B.Comm Circadian Group Investor Relations Phone: 1-866-865-2780 E-mail: ir@norstraenergy.com
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