Strata-X Updates Operations Activity on Its Three Key USA Projects
DENVER, COLORADO and BRISBANE, QUEENSLAND AUSTRALIA and
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 23, 2014) -
- Received drilling permits and executed drilling contract for
the Sleeping Giant Gas Project.
- Engaging services for the multistage vertical stimulation of
interpreted oil zones within the Cinco Saus Creek #1 well, Maverick
Oil Project.
- Conducting ~6 miles of 2D seismic operations over the next
appraisal location, Vail Oil Project.
- Company presenting at the ASX Spotlight Investor Conference,
New York and London.
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 exploration and appraisal programs for the
Company's three key USA projects where Strata-X is the operator and
majority interest owner.
Sleeping Giant Gas
Project, Williston Basin, North Dakota - 100% of 145,000
acres
In December 2013, Strata-X was granted four drilling permits by
the North Dakota Industrial Commission for appraisal wells on the
Sleeping Giant Gas Project. The permits granted are for the Aberle
#1-31 and Just #1-24 wells located in McIntosh County and the Hoff
#1-32 and Rohweder #1-11 wells located in Emmons County, North
Dakota. Further to this development, the Company executed a
drilling contract with Major Drilling America, Inc. of Salt Lake
City, Utah for the drilling of the first vertical appraisal well
for the shallow unconventional Sleeping Giant Gas Project.
The Company anticipates drilling the first exploration well in
the coming weeks using a conventional drilling rig. The well will
be cased and stimulated to access the productive capabilities of
the Niobrara Formation. Ultimately, the Company plans to use a
coiled tubing rig to drill development wells on the project in
order to reduce both development costs and the project's
environmental footprint.
The Sleeping Giant project is located in North Dakota and is
targeting natural gas resources trapped in the Niobrara Formation,
a prolific producer of hydrocarbons throughout the Rocky Mountain
Region. Strata-X has 100% of the exploration rights on 145,000
acres covering the Sleeping Giant Gas Project.
Maverick Oil Project,
Eagle Ford, South Texas - 10,945 net acres
On December 27, 2013, Strata-X spudded the vertical Cinco Saus
Creek #1 well which was designed to intersect and core the entire
Eagle Ford shale and Buda formations. The 600 foot interval of the
targeted formations was cored and production casing was set to a
total depth of 4,220 feet.
The initial analysis of the 600 foot core of the Eagle Ford
shale and Buda formations has identified several prospective oil
bearing intervals, some of which have never been tested in the
Strata-X project area. These prospective intervals will be
stimulated and tested individually by the Company to determine the
production potential of each individual zone tested.
The Company plans to start the multi-stage stimulation of
targeted intervals in the Cinco Saus Creek #1 well with the deepest
Buda formation and advance to additional intervals in the Eagle
Ford shale located above the Buda. Strata-X is currently
contracting for services to conduct the first stage stimulation of
the Buda formation, which is anticipated to begin in early March.
The Company expects that the full stimulation and long term
production testing program on the Cinco Saus Creek #1 well will
take several months.
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 resulted
in Strata-X acquiring 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.
Vail Oil Project,
Illinois Basin - 100% of 49,200 net acres
Strata-X has completed the clean out of the wellbore of the
Burkett 5-34HOR well following a "screen out" event on the first
stimulation test. The Company now has a new stimulation design for
the well and is working with Halliburton to schedule the revised
multistage horizontal completion stimulation on the Burkett 5-34HOR
which is expected to be finalized shortly.
In anticipation of further horizontal appraisal drilling on the
Vail Oil Project in 2014, the Company is preparing to conduct 2D
seismic operations in early March that will provide it with
approximately 6 miles of seismic data over a proposed drilling
location approximately 7 miles northwest of the existing Burkett
5-34HOR well. The data acquired will be owned by the Company and
will assist with the geo-steering of the horizontal leg of the next
appraisal well on the project.
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. For additional details on this
project, please refer to the Vail Project Presentation found on the
Company's website at www.strata-x.com.
Other Strata-X
Developments
The Company will be presenting at the ASX Spotlight Investor
Conference to be held in New York, USA and London, England. Timothy
Hoops, President and Managing Director of Strata-X, will give a
presentation on the Company in New York on February 27 at 11:25
A.M. (local time) and in London on March 6 at 2:45 P.M (local
time). More information on the ASX Spotlight can be found at
www.asx.com.au/spotlight.
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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