Strata-X Updates on Maverick Drilling, Vail Well
05 Janvier 2014 - 11:30PM
Marketwired
Strata-X Updates on Maverick Drilling, Vail Well
DENVER, COLORADO and BRISBANE, QUEENSLAND AUSTRALIA and
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 5, 2014) -
- Commenced coring operations on 600 feet of Eagle Ford and Buda
Formations, Maverick.
- Completed wellbore cleanout on Vail Burkett well.
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 continued exploration and appraisal
programs on the Company's Maverick and Vail Oil Projects where
Strata-X is the operator and majority interest owner.
Maverick Oil Project,
Eagle Ford, South Texas - 10,945 net acres
The Company has begun coring approximately 600 feet of the
targeted Eagle Ford shale and Buda Formation on the Cinco Saus
Creek #1 well in the Maverick Oil Project. Drilling operations
began on December 27, 2013. 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.
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. 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 Company has released an Investor Presentation on the
Maverick Oil Project which can be found at www.strata-x.com.
Vail Oil Project,
Illinois Basin - 100% of 49,200 net acres
Further to the Company's announcement on December 10, 2013,
Strata-X has completed the clean out of the wellbore of the Burkett
5-34HOR following a "screen out" event during a completion
stimulation attempt by the Company in November 2013. The Company is
working with Halliburton to schedule the next completion
stimulation on the Burkett 5-34HOR well.
Strata-X has acquired a 100% net working interest in oil and gas
exploration rights on 49,200 net acres covering the Vail Oil
Project in the Illinois Basin, USA. Please refer to the Vail
Project Presentation found on the Company's website
(www.strata-x.com) for more information about this project.
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 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.
Tim Hoops (USA)President+1 855-463-2400info@strata-x.comColin
Christensen (Canada)Investor Relations+1
403-483-8363colin@strata-x.comDuncan Cornish (Australia)Corporate
Secretary+61 7 3212-6299dcornish@strata-x.com
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