Strata-X Updates on Three Key USA Projects
10 Décembre 2013 - 11:30PM
Marketwired
Strata-X Updates on Three Key USA Projects
DENVER, COLORADO and BRISBANE, AUSTRALIA and VANCOUVER, BRITISH
COLUMBIA--(Marketwired - Dec 10, 2013) -
- Construction completed at site of first Maverick Oil Project
well.
- Drilling rig mobilization scheduled for late December.
- Vail well multi-stage horizontal stimulation planned for
January 2014.
The Directors and management of Strata-X Energy Ltd. ("Strata-X"
or the "Company") (TSX-VENTURE:SXE)(ASX:SXA) are pleased to provide
the following operational updates on its three key USA
projects.
Maverick Oil
Project
The Company is pleased to announce it has begun to mobilize
services and equipment to the recently constructed site of the
permitted Cinco Saus Creek #1 well on the Maverick Oil Project in
Texas. The mobilization is in anticipation of Unison Drilling, Inc.
of Devine, Texas, delivering its rig #11 to the site on or about
December 26, 2013, after which drilling operations will
commence.
The Cinco Saus Creek #1 is permitted as a vertical test of the
targeted Eagle Ford shale in the Maverick Basin. In the Company's
assessment, the thick hydrocarbon column within the Eagle Ford
shale in and around the Maverick Basin requires a different
approach to drilling and completion methods from those currently
being utilized in deeper portions of the Eagle Ford shale trend. As
such, Strata-X anticipates coring approximately 600 feet of the
targeted Eagle Ford shale and Buda formations to better analyze
this hydrocarbon column. 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. A
completion stimulation of the Cinco Saus Creek #1 well is
anticipated near the end of the first quarter of 2014.
Strata-X is the operator of the Cinco Saus Creek #1 and retains
an approximate 96.9% working interest in the well. To date, the
Company has acquired 10,945 mostly contiguous acres net for the
Maverick Oil Project.
Vail Oil
Project
As announced on November 21, 2013, Strata-X is advancing its
efforts to clean out the wellbore of the Burkett 5-34HOR following
a "screen out" event during a completion stimulation attempt by the
Company. Following the screen out, Strata-X contracted a coil
tubing work-over rig to clean out the wellbore. The technical
capabilities of the coil tubing rig, however, were insufficient to
complete the operation and a standard work-over rig is being
dispatched to the well. Due to recent inclement weather in the
area, the dispatched work-over rig is delayed and is not expected
to be on location until the week of December 16. As a result, the
Company has pushed out the schedule for Halliburton to conduct
another multi-stage completion stimulation of the well to January
2014.
Sleeping Giant Gas
Project
The Company is waiting on final approval on the four drilling
permits that have been filed with the State of North Dakota. A
drilling company has been sourced to drill these wells however a
mobilization date has not been scheduled.
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.
Strata-X Energy Ltd.Tim Hoops (USA)President+1
855-463-2400info@strata-x.comStrata-X Energy Ltd.Colin Christensen
(Canada)Investor Relations+1 403-483-8363colin@strata-x.comStrata-X
Energy Ltd.Duncan Cornish (Australia)Corporate Secretary+61 7
3212-6299dcornish@strata-x.comwww.strata-x.com
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