ROUYN-NORANDA, QC, Feb. 26, 2015 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) is pleased to announce that the transfer of all its oil and gas licenses from X-Terra Resources Corporation to X-Terra Resources Inc. (TSXV:XTT) is now fully completed.
X-Terra Resources Inc. now owns 50% of thirteen (13) oil and gas licenses representing over 250,000 hectares (2,500 km2) in the Lower St-Laurence area. The Rimouski and Rimouski North licenses are contiguous to Squatex Energy and Petrolympic's Massé 1 and Massé 2 latest discoveries (see Petrolympic February 17th press release).
A 5,543 km airborne magnetic survey on the Rimouski and Rimouski North projects in the St-Laurent Lowlands was completed in 2009. The survey was composed of 5,543 km of 300 metre-spacing flight lines and 3,000 metre-spacing control lines and was completed by Geophysics GPR International - KalusAir Services Inc (KASI). The magnetic survey maps outline the structural and lithological geology and will be helpful for the upcoming exploration programs. Please refer to X-Terra 's website to view the results from the survey.
About X-Terra Resources Inc.
X-Terra Resources Inc. is a resource company focused on acquiring and exploring energy properties in Canada. X-Terra has 6,177,690 shares outstanding.
This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of X-Terra Resources, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits X-Terra Resources will derive. Forward-looking information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond X-Terra Resources' control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Financial Risk Management Objectives and Policies, and Financial Risks" in X-Terra Resources' Annual Report for the fiscal year ended on December 31, 2013, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. X-Terra Resources does not intend, nor does X-Terra Resources undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
SOURCE X-Terra Resources Inc.
For further information: X-Terra Resources Inc., 139 Québec Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-4101 | Fax: 819-762-0097, E-mail: [email protected], Website: www.xterraresources.com