Strata-X Ltd. Announces Vallecitos Project Update San Benito County, California
GOLDEN, COLORADO December 13, 2011 - Strata-X Ltd. (Strata-X) (TSX.V:SXE) through its wholly owned subsidiary Strata-X, Inc. has been informed by the Vallecitos Project operator (Patriot Resources, LLC) that operations on the 6-31 RD2 stepout well at Vallecitos Field, San Benito County, California, have been suspended until early January due to the bad condition of the original wellbore. This shutdown will be done without any standby costs for the rig or outside services. Strata-X has a 22.5% working interest and a 19% net revenue interest in the well and project.
Tim Hoops, Strata-X President, said: "It is only prudent that we take this time off to insure that all of the elements required for a successful operation are in place and we feel that this is the most cost effective way to proceed. We are still very encouraged with the oil shows in the Yokut target zone seen in the first wellbore"
Strata-X is a Edmonton, Alberta and Golden, Colorado based company and is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in North Dakota, and production and development opportunities in California and Texas. Strata-X has 42,308,156 common shares outstanding and trades under the symbol SXE on the TSX.V
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Public documents for Strata-X Ltd. (formerly known as Ozcapital Ventures Inc.) Can be found at SEDAR (www.sedar.com)