DENVER, COLORADO and BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/07/13 -- 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 executed a Drilling Contract to drill the first horizontal well at the Vail Oil Project where Strata-X currently has a 100% interest in 46,300 net acres.
The Company executed a Drilling Contract with Les Wilson Inc. for the drilling of the horizontal appraisal well in the Vail Oil Project. The Company will utilize Les Wilson Inc.'s rig #25 which is expected to be available to commence drilling Strata-X's well in mid-May 2013.
Strata-X has submitted an application to drill the horizontal well to the proper regulatory agencies in the State of Illinois with the following expected parameters: a true vertical depth of 4,500ft, a true measured depth of 9,300ft and a horizontal leg length of 4,300ft. The permit to drill the well is expected to be approved by the State of Illinois in the coming weeks and will be followed by further press releases detailing the Company's plans in this project.
Strata-X has purchased 22.23 miles of 2D seismic data covering the area around the Company's first horizontal test well for the Vail Project. This seismic data, which is currently being reprocessed, will assist in the geo-steering of the horizontal leg of the well and further the Company's geologic review of the area.
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.
About Les Wilson Inc
Les Wilson Inc. is based in Carmi, Illinois (USA) and specializes in vertical and horizontal oil and gas well drilling services. They use modern rigs and equipment, and have been servicing the oil drilling industry for over 70 years.
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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