Centor Inc. (OTC: CNTO) announced Dec. 18 that it has acquired 55% working interest in an oil shale resource with over 1.1 billion barrels of recoverable oil in the Pasquia Hill region of east central Saskatchewan, Canada.

The oil shale leases cover qualified 21,658 acres. The property's resources are estimated based upon analysis of previously completed geological surveys, core drilling programs and laboratory testing.

Pasquia Hills
Gross Contingent Resources

Estimate*

Billion bbl of oil

Low

1,098

Best

1,185

High

1,481

Source: Centor Inc.

*Effective Sept. 1

"This is an extraordinary acquisition of an established world-class resource with significant upside potential. This resource will underpin our strategy to develop a large-scale oil shale to liquids commercial operation. It provides a core hub to kick off our oil shale operations, broadening the company's revenue base with an entry into an expansive energy sector," James Sullivan, president and CEO, said in the release.

The Winter Park, Fla. company's CEO added that the company will continue to pursue additional energy resources.