Strata-X Recovers Core, Reaches Total Depth, Sets Casing-Maverick Oil Project
13 Janvier 2014 - 11:32PM
Marketwired
Strata-X Recovers Core, Reaches Total Depth, Sets Casing-Maverick
Oil Project
DENVER, COLORADO and BRISBANE, AUSTRALIA and VANCOUVER, BRITISH
COLUMBIA--(Marketwired - Jan 13, 2014) -
- Completed coring operations on the Eagle Ford shale and Buda
formations, recovered 100% of the targeted 600 foot interval.
- Reached total depth of 4,220 feet and logged the well.
- Set and cemented 4 1/2 inch casing to total depth.
The directors and management of Strata-X Energy Ltd. ("Strata-X"
or the "Company") (TSX-VENTURE:SXE)(ASX:SXA) are pleased to
announce that coring operations on the Eagle Ford shale and Buda
formations on the Cinco Saus Creek #1 well have recovered 100% of
the targeted 600 foot interval and that the well was drilled to a
total depth of 4,220 feet as planned. Upon reaching total depth,
the well was logged and 4 1/2 inch casing was set and cemented into
place. Unison Drilling, Inc. rig #11, which was utilized to drill
the well, has been released and is mobilizing off the well
location.
The 600 foot core of the Eagle Ford shale and Buda formations is
being sent to a laboratory for analysis. The pending laboratory
analysis, along with well logs and data acquired in drilling the
well, will be used to finalize the design of the completion
stimulation. Strata-X anticipates the vertical completion
stimulation of the Cinco Saus Creek #1 well will occur near the end
of the first quarter of 2014.
Strata-X is the operator of the Cinco Saus Creek #1 well and
retains an approximate 96.9% working interest in it. Strata-X's
joint venture partner on the Maverick Oil Project elected not to
participate on the Cinco Saus Creek #1 well. This election grants
Strata-X an additional 3.1% working interest in the well, which
interest is subject to a 300% payback penalty. 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.
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.comwww.strata-x.com
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