Xtra Energy Corp. (OTCPK:XTPT) signed a letter of intent to acquire OilShale International Corporation for CAD 23.9 million on October 16, 2012. Xtra Energy and OilShale have agreed to work towards concluding a signed definitive acquisition agreement on or before October 31, 2012. Xtra Energy entered into a definitive agreement to acquire OilShale International on October 22, 2012. Pursuant to the terms of the agreement, Xtra Energy will issue 90 million restricted shares to the shareholders of Oilshale, as consideration for the transaction.

Xtra Energy Corp. (OTCPK:XTPT) completed the acquisition of OilShale International Corporation on October 23, 2012.