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SXE Strata X Energy Ltd

0.07
0.00 (0.00%)
31 May 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 Rohweder Well Encounters Oil and Gas Shows, Sleeping Giant Gas Project

27/06/2014 12:30am

Marketwired Canada


--  Gas shows encountered in the Niobrara formation after penetrating
    regional hydrocarbon seal. 
--  Approximately 80 feet of reservoir interpreted in the upper two
    intervals of the Niobrara. 
--  Currently running logs ahead of casing operations.



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
has completed drilling operations on the Rohweder #1-11 well ("Well"), the
Company's first proof of concept well on the Company's 120,000 net acre Sleeping
Giant Gas Project. In drilling the vertical Well to a total depth of 1,450 feet,
gas shows were encountered immediately after penetrating the regional
hydrocarbon seal. In total, gas shows were encountered over an 80 foot interval
of the targeted Niobrara formation, with gas shows peaking at approximately 300
units over a background of 25 units. In drilling portions of the targeted
Niobrara formation, oil fluorescence and oil cut were also observed.


The Well is currently being logged in preparation for setting casing to total
depth. After casing, the Well will be shut-in to await completion stimulation.
This will allow the Company time to design an optimal method utilizing data
obtained during the drilling of the Well. The Rohweder #1-11 well is the
Company's first proof of concept well on the Sleeping Giant Gas Project where
the Company has rights to approximately 120,000 net acres of exploratory leases.
The Company maintains a 100% working interest in the Well. It is anticipated
that three additional wells may be drilled on other large prospects mapped over
the Sleeping Giant Gas Project later this year following successful production
testing of this Well.


The Sleeping Giant Gas Project is targeting biogenic natural gas from the
prolific Upper Cretaceous Niobrara formation in the Williston Basin, North
Dakota. The Niobrara Formation is a significant petroleum system in the USA and
has produced over 1 Tcf of natural gas from shallow accumulations including the
project's geologic analogue, the Beecher Island field in the Denver-Julesburg
Basin (Colorado, USA). To date, the Beecher Island field has produced over 101
Bcf(1) of natural gas and is expected to ultimately produce 157 Bcf(2) within an
area spanning approximately 32 square miles. A field analysis done by Walt
King(2) shows that reserves per well average 640,000 Mcf(2) on 160 acre spacing
in the Beecher Island Gas Field. It is expected that the Sleeping Giant Gas
Project could yield similar economic resources per well due to similar geologic
conditions. The Rohweder #1-11 well is located in Emmon County, North Dakota.


More information on the Sleeping Giant Project and Rohweder #1-11 well can be
found on the Company's website at www.Strata-X.com


(1) Colorado Oil and Gas Conservation Commission website, www.cogcc.state.co.us,
production database accessed 12 June 2014. 


(2) Report dated 18 May 2010 by Mr. Walt King, registered Colorado Petroleum
Engineer, for the benefit of White Eagle Exploration, Inc. the seller of the
Sleeping Giant Gas Project to Strata-X. 


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, Texas, Illinois and
Western Australia and production and development opportunities in California.
Strata-X has 139,785,415 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
+1 855-463-2400
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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