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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 Receives Permit to Drill Horizontal Well at the Vail Oil Project

05/06/2013 12:30am

Marketwired Canada


The directors and management of Strata-X Energy Ltd. ("Strata-X" or the
"Company") (TSX VENTURE:SXE)(ASX:SXA) are pleased to announce that the Company's
application to drill the Burkett 5-34HOR well in the Vail Oil Project has been
approved by the Illinois Department of Natural Resources (DNR) - Mine & Minerals
Division. Drilling of the Burkett 5-34HOR well, the first appraisal well in the
Vail Oil Project, is expected to begin in late June. Strata-X currently has a
100% interest in 48,000 net acres covering the project. 


The Burkett 5-34HOR well is expected to test the Devonian Lingle formation, a
dolomitic reservoir which lies directly below the hydrocarbon rich New Albany
Shale. This shale, which is interpreted to have expelled in excess of 300
billion barrels of oil (Lewan, et al., 2002), is the primary source of
hydrocarbon generation in the Illinois basin. To date, the basin has produced
over 4 billion barrels of oil (Higley, et al., 2001). The areas in the immediate
vicinity of the test well have had historic production and quality oil shows
from the Devonian Lingle formation. This includes the production purchased by
the Company in January 2013 (Press Release dated February 5, 2013).


The Burkett 5-34HOR well is to be drilled in Clay County, Illinois, west of the
town of Xenia, Illinois. As previously announced (Press Release dated April 7,
2013) the Company executed a Drilling Contract with Les Wilson Inc. for the
Burkett 5-34HOR well. The Company expects to utilize Les Wilson Inc.'s rig #25
for this test. 


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. 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.


More information about the Vail Oil Project and 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 STATEMENT

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.


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

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