Strata-X recognizes direct analogies between the Elm Coulee Oil Field, located in the Williston Basin, and the Vail Oil Project. According to the Montana Board of Oil & Gas Conservation website, Elm Coulee has produced over 138 million barrels of oil equivalent to date from a continuous, unconventional oil field from the Bakken dolomitic reservoir and is expected to ultimately produce over 200 million barrels of oil (Sonnenberg and Pramudito, 2009). The dolomitic reservoirs in both Vail and Elm Coulee are of the same geological age, have similar thickness and are immediately below highly generative source rocks.
Elm Coulee has about 5 million barrels of oil in place per section (Walker, et al., 2006), which compares favorably to Vail's interpreted 3 million barrels of oil in place per section at shallower depths. Strata-X interprets that the target 50,000 net acres at the Vail Oil Project contain over 230 million (undiscovered) barrels original oil in place.(i) (see Cautionary Statement below).
Oil was intersected in many historic wells at Elm Coulee but, like Vail, oil flows and recoveries were sub-commercial in the early vertical wells. More recent horizontal hydraulic fracturing treatments at Elm Coulee have resulted in commercial oil flows with July 2012 production from the field in excess of 33,000 barrels of oil equivalent per day (Montana Board of Oil & Gas Conservation website, accessed 9/19/12).
Strata-X commenced acquiring 100% net working interests in oil and gas exploration rights in two counties in the Illinois basin in early 2012 and to date has acquired an interest in 45,400 net acres.
About Strata-X Energy Ltd
Strata-X Energy Ltd and its wholly owned subsidiaries, Strata-X, Inc. and Strata-X Australia Pty Ltd, is an independent oil and gas exploration company listed on the TSX-V. Based in British Columbia, Canada, Strata-X has a portfolio of petroleum projects which provides a diversified collection of potential high growth opportunities for Shareholders. The Company's strategy and goals are to discover and develop oil and gas opportunities with relatively low entry costs, a meaningful acreage position and a large working interest which combine to create the potential for substantial growth for Shareholders.
Strata-X Energy currently owns or has rights to approximately 6,779km2 (1,675,160 net acres) in petroleum assets located in the USA and Australia. The Company is primarily targeting near term growth in conventional and unconventional oil resources in the USA. Longer term growth is offered in the Company's successful strategic application for 5,820 km2 (1,438,120 acres) in the Canning Basin, Western Australia. Strata-X Energy owns and operates 100% of the majority of its four key projects which provides the Company with flexibility in terms of timing and approach to exploration and any subsequent development of delineated oil and gas properties. The Company also has interests in several other petroleum projects in the USA.
Strata-X is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in Texas, North Dakota, California, Colorado, Illinois and Western Australia and production and development opportunities in California. Strata-X Energy Ltd has 63,737,105 shares outstanding.
Public documents for Strata-X Energy Ltd. in Canada can be found at SEDAR (www.sedar.com)
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." Further the Handbook 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 are 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
Strata-X Energy Ltd
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