Strata-X Commences Drilling on Maverick Oil Project
29 Décembre 2013 - 11:30PM
Marketwired
Strata-X Commences Drilling on Maverick Oil Project
DENVER, COLORADO and BRISBANE, AUSTRALIA and VANCOUVER, BRITISH
COLUMBIA--(Marketwired - Dec 29, 2013) -
- Commenced drilling operations on the Cinco Saus Creek #1
well
- Company expects to core approximately 600 feet of Eagle Ford
and Buda Formation
- Investor presentation on Maverick Oil Project now available on
Strata-X website
The Directors and management of Strata-X Energy Ltd.
(TSX-VENTURE:SXE)(ASX:SXA) ("Strata-X" or the "Company") are
pleased to announce that the Company started drilling operations on
the Cinco Saus Creek #1 well late on December 27 and that it has
released an investor presentation on the Maverick Oil Project.
Cinco Saus Creek #1 is the Company's first appraisal well in the
Maverick Oil Project. Strata-X is the operator of the well and
retains an approximate 96.9% working interest in it. Overall, the
Company has acquired exploration rights to 10,945 mostly contiguous
net acres in the Maverick Oil Project.
The Cinco Saus Creek #1 well is permitted as a 4,400 foot
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.
Eagle Ford Trend- Statistics
- Approximately 50 miles by 400 miles long, with 260 drilling
rigs currently operating
- Current Production -
- 4,000 drilling permits issued by Texas Railroad Commission
- USGS has determined that the Eagle Ford has technically
recoverable reserves of 1 billion barrels of oil and 52 TCF of gas.
(http://pubs.usgs.gov/fs/2012/3003/FS12-3003.pdf)
The Company has released an Investor Presentation on the
Maverick Oil Project which can be found 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, 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 www.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. (USA)Tim HoopsPresident+1
855-463-2400info@strata-x.comStrata-X Energy Ltd. (Canada)Colin
ChristensenInvestor Relations+1
403-483-8363colin@strata-x.comStrata-X Energy Ltd.
(Australia)Duncan CornishCorporate Secretary+61 7
3212-6299dcornish@strata-x.comwww.strata-x.com
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