Strata-X Receives Permit to Drill Second Horizontal Well-Vail Oil Project
25 Février 2014 - 11:30PM
Marketwired
Strata-X Receives Permit to Drill Second Horizontal Well-Vail Oil
Project
DENVER, COLORADO and BRISBANE, QUEENSLAND AUSTRALIA and
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 25, 2014) -
- Received drilling permit and executed drilling contract for a
horizontal well, Vail Oil Project.
- Conducting ~6 miles of 2D seismic operations over the new well
location, Vail Oil Project.
- Company releases presentation for 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 announce that the
Company's application to drill a horizontal well called the Raccoon
Creek #1 ("Well") in the Vail Oil Project has been approved by the
Illinois Department of Natural Resources. In furthering the
Company's exploration plans for the Vail Oil Project, the Company
has executed a drilling contract and is currently conducting 2D
seismic operations for the Well.
The Raccoon Creek #1
is expected to test the Devonian Lingle formation and is the second
horizontal appraisal well for Strata-X in the Vail Oil Project. The
Well is located in Clay County, Illinois northwest of the town of
Flora, Illinois, approximately 7 miles northeast of the Company's
first horizontal test well, the Burkett 5-34HOR. The permit issued
by the Illinois Department of Natural Resources for the Raccoon
Creek #1 authorizes up to the following (approximate) drilling
parameters: a true vertical depth of 4,500ft, a true measured depth
of 9,300ft and a horizontal leg length of 4,300ft.
In anticipation of
drilling the Raccoon Creek #1, the Company is currently conducting
approximately 6 miles of 2D seismic operations over the area to
acquire data which will assist with the geo-steering of the
horizontal leg of the Well. The Company executed a drilling
contract with Les Wilson Inc. of Carmi, Illinois for the drilling
of the Raccoon Creek #1. The Company expects to drill the Well
after the acquired seismic data is processed and Les Wilson Inc's
rig #30, which is expected to be utilized, becomes available.
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
As previously
announced, 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. A copy of Mr. Hoops'
presentation given at the ASX Spotlight Investor Conference can be
found on the Company's website 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 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.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
Strata X Energy (TSXV:SXE)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Strata X Energy (TSXV:SXE)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024