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SXE Strata X Energy Ltd

0.07
0.00 (0.00%)
19 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Strata X Energy Ltd TSXV:SXE TSX Venture 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% 0.07 0.07 0.085 0 01:00:00

Strata-X Provides Update to Its 2013 Drilling Campaign

25/06/2013 2:50pm

Marketwired Canada


The directors and management of Strata-X Energy Ltd. ("Strata-X" or the
"Company") (TSX VENTURE:SXE) (ASX:SXA) are pleased to provide an update on the
2013 exploration and appraisal programs for the Company's three key USA projects
where Strata-X is the operator and majority interest owner.


Vail Oil Project, Illinois Basin - 100% of 48,000 net acres

The Company's first horizontal appraisal well in its Vail Oil Project, the
Burkett #5-34HOR permitted by the Illinois Department of Natural Resources -
Mines and Minerals Division ("DNR"), is to be drilled in Clay County, Illinois,
west of the town of Xenia, Illinois. The Company has a contract with Les Wilson,
Inc., an Illinois based drilling company, to utilize their Rig #25 for this well
and expects the rig to be mobilized to the location of the Burkett #5-34HOR well
within the next 10 days. Drilling of the exploratory well on the Vail Oil
Project is anticipated to commence on or around July 8, 2013. 


The permit issued by the DNR for the Burkett #5-34HOR well authorizes the
following (approximate) drilling parameters: a true vertical depth of 4,500ft, a
true measured depth of 9,300ft and a horizontal leg length of 4,300ft. Strata-X
anticipates drilling the Burkett #5-34HOR well in two stages. First, the Company
plans to drill a vertical hole to the top of the target formation and then core
approximately 60 feet of the formation. Once this first stage has been
completed, the Company intends to plug back the vertical section of the well and
drill the horizontal leg. In total, the Company anticipates the drilling of the
Burkett #5-34HOR well will take approximately 45 days.


The information gained from the analysis of the core and well logging is
expected to assist the Company in designing the most efficient completion method
for the well. 


Maverick Oil Project, Eagle Ford, West Texas - 75% to 100% of 10,945 net acres

The Company advises that it has secured the services of specialized analysis
company, Total Depth Pty Ltd ("Total Depth"), to conduct proprietary seismic
processing and interpretation analysis of the current 3-D seismic data on the
Maverick Project. This analysis is designed to assist the Company in geological
mapping for the proposed vertical well drilling campaign. Subject to the results
of this work, up to three wells are planned for later in the third quarter. 


The work by Total Depth should allow the Company to more accurately predict the
most appropriate zones for fracture stimulation within the 400-500 feet of
interpreted vertical oil column exhibited in previous wells within the Strata-X
leases. In the Company's assessment, the nature of the hydrocarbons and
reservoirs within the Eagle Ford in and around the Maverick Basin requires a
different approach to drilling and completion methods than those currently being
utilized in deeper portions of the Eagle Ford trend. Strata-X anticipates that
the drilling in the Maverick Oil Project will begin in September.


Sleeping Giant Gas Project, Williston Basin, North Dakota - 100% of 155,000 net
acres


The Sleeping Giant project is located in North Dakota and is targeting natural
gas resources trapped in the Niobrara Formation, a prolific producer of
hydrocarbons throughout the Rocky Mountain Region. 


Drilling on the Sleeping Giant Natural Gas Project is projected to begin in the
third quarter of the year. The targets for this project lie at a very shallow
depth of approximately 1,500 feet. Strata-X plans to drill up to four wells on
the Sleeping Giant project this year. 


The Company has mapped over 20 leads and prospects in the target area and owns
the rights to approximately 155,000 acres. 


More information about Strata-X's portfolio of projects can be found on the
Company's website at www.strata-x.com.


About Strata-X

Strata-X is a Denver, Colorado (USA) based company and is engaged in the
business of oil and gas exploration and development with a variety of
exploration opportunities in North Dakota, California, Colorado, Texas, Illinois
and Western Australia and production and development opportunities in
California. Strata-X has 123,752,453 common shares outstanding and trades under
the symbol "SXE" on the TSX-V and "SXA" on the ASX.    


This announcement was made in Canada for the TSX.V and in Australia for the ASX.

Public documents for Strata-X Energy Ltd. can be found at SEDAR (Canada)
(www.sedar.com) and ASX.com.au (Australia).


By definition of the COGE Handbook - "Undiscovered resources are those
quantities of oil and gas estimated on a given date to be contained in
accumulations yet to be discovered." The Handbook further states - Caution (per
NI 51-101/5.9(2)(v)(B)) - "There is no certainty that any portion of the
resources will be discovered. If discovered, there is no certainty that it will
be commercially viable to produce any portion of the resources." In addition,
per NI 51-101/5.6 "the estimated values disclosed do not represent fair market
value."


CAUTIONARY STATEMENTS

This news release contains forward-looking statements, which relate to future
events or future performance and reflect management's current expectations and
assumptions. The use of any of the words "anticipate", "continue", "estimate",
"expect", 'may", "will", "project", "should", 'believe", and similar expressions
is intended to identify forward-looking statements. Such forward-looking
statements reflect management's current beliefs and are based on assumptions
made by and information currently available to the Company. Readers are
cautioned that these forward-looking statements are neither promises nor
guarantees, and are subject to risks and uncertainties that may cause future
results to differ materially from those expected and the forward-looking
statements included in this news release should not be unduly relied upon. See
"Risks and Uncertainties" in the Company's Filing Statement dated August 30,
2011 available on SEDAR at www.sedar.com. These forward-looking statements are
made as of the date hereof and the Company does not assume any obligation to
update or revise them to reflect new events or circumstances save as required
under applicable securities legislation. This news release does not constitute
an offer to sell securities and the Company is not soliciting an offer to buy
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
such jurisdiction.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Strata-X Energy Ltd.
Tim Hoops (USA)
President
+1 720-515-8793
info@strata-x.com


Strata-X Energy Ltd.
Colin Christensen (Canada)
Investor Relations
+1 403-483-8363
colin@strata-x.com


Strata-X Energy Ltd.
Duncan Cornish (Australia)
Corporate Secretary
+61 7 3212-6299
dcornish@strata-x.com
www.strata-x.com

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