DENVER, COLORADO and BRISBANE, AUSTRALIA and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/09/13 -- (Pacific Daylight Time - Canada)
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 started operations on the Burkett #5-34HOR horizontal well on its Vail Oil Project. The Burkett 5-34HOR horizontal well is the first appraisal well in the Vail Oil Project. The Company owns a 100% working interest in the well and 48,000 net acres in the project overall.
The Burkett 5-34HOR well is to be drilled in Clay County, Illinois, west of the town of Xenia, Illinois. As previously announced (Press Release dated April 7, 2013), the Company executed a Drilling Contract with Les Wilson Inc. for the Burkett 5-34HOR well which is expected to test the Devonian Lingle formation, a dolomitic reservoir which lies directly below the hydrocarbon rich New Albany Shale.
The permit issued by the Illinois Department of Natural Resources (IDNR) for the drilling of the well authorizes 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. Strata-X anticipates drilling the Burkett 5-34HOR well in two stages. First, the Company plans to drill a vertical hole to the top of the target formation and then core approximately 60 feet of the formation. Once this first stage has been completed, the Company intends to plug back the vertical section of the well and drill the horizontal leg. The information gained from the analysis of the core and well logging is expected to assist the Company in designing the most efficient completion method for the well. The Company anticipates drilling operations to take approximately 40 days.
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).
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."
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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