DENVER, COLORADO and BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/29/13 -- 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 has appointed Larry Kellison as Vice President of Operations of its operating subsidiary and has retained the services of Christensen Consulting as the Company's North American Investor Relations representative.
Prior to joining Strata-X as Vice President of Operations, Larry Kellison provided consulting services on a variety of Company projects. Mr. Kellison is a certified petroleum geologist with over 33 years of experience in the oil and gas industry. In prior appointments, Mr. Kellison served as the Chief Operations Officer of Eden Energy Corp, an early stage start-up company, and Vice President and General Manager of Black Hills Exploration and Production, Inc., the oil and gas subsidiary of Black Hills Corp. He holds a Bachelors of Science degree in Geology from the University of Mississippi and a Master of Science degree in Geology from the University of Nebraska. Mr. Kellison will oversee the Company's exploration, development and production efforts and various other activities customary to this appointment. Mr. Kellison has been granted options to acquire 400,0000 (TSX-V) shares of the Company at an exercise price equal to CAD$0.30 per share. The options vest over a 13-month period, are exercisable for a period of 10 years, and are subject to the terms and conditions of the Company's stock option plan.
The Company has also signed a one-year Investor Relations Consulting Agreement pursuant to which it will retain the services of Colin Christensen to perform Investor Relations functions for the Company in North America. Mr. Christensen has 25 years of experience in active management and financing of public companies in the resource sector and in developing direct relationships within the investment community. Under the terms of the agreement, the Company will pay Christensen Consulting a monthly fee of $5,000 and will grant to Mr. Christensen options to acquire 120,000 (TSX.V) shares of the Company at an exercise price equal to CAD$0.30 and 100,000 (TSX.V) shares of the Company at an exercise price equal to CAD$0.50. Both sets of options will be subject to the terms and conditions of the Company's stock option plan and will be exercisable for a period of five years. The Consulting Agreement is subject to TSX Venture Exchange approval.
The Company has filed its ASX Quarterly Activities Report for the period ending March 31, 2013 along with an ASX Form 5B statement of cash flows. Copies of the filed documents are available on the ASX and Company's website.
The Company is also pleased to announce that it has moved its United States headquarters to 1624 Market St., Suite #300A, Denver, CO 80202, USA and has changed it mailing address to 1550 Larimer St. #263, Denver, CO 80202, USA.
The Company has been notified that the Les Wilson Inc. Rig #25, which has been contracted for the Vail Oil Project, has been delayed on the well it is currently drilling. As a result, drilling on the Vail Oil Project will also be delayed. The Company now anticipates that the well for the Vail Oil Project will spud in early June 2013. Further updates will be provided as more information is received from Les Wilson Inc.
More information about the Vail Oil Project and Strata-X's portfolio of projects can be found on the Company's website at www.strata-x.com.
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 123,752,453 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).
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)
Strata-X Energy Ltd.
Colin Christensen (Canada)
Strata-X Energy Ltd.
Duncan Cornish (Australia)
+61 7 3212-6299
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