Strata-X Ltd. Announces First International Venture
Awarded Permit in the Prospective Canning Basin, Western Australia
Golden, Colorado, March 6, 2012 - Strata-X Ltd. (“Strata-X”) (TSX.V:SXE) is pleased to announce that the Western Australian government has conditionally awarded Strata-X 100% rights to explore approximately 1.4 million acres in the onshore Canning Basin in Western Australia. The award is conditional upon Strata-X complying with the Native Title Act of 1993 which is expected to take between 6 and 12 months. The Permit, L 11-3, was won in a highly competitive acreage release round, in the rapidly emerging petroleum province, based on a competitive work program.
The Canning Basin has recently been a global hotspot for shale oil/gas exploration with the entry of ConocoPhillips and Mitsubishi through farm-in agreements. Until recently two junior Australian companies ‘Buru Energy’ and ‘New Standard Energy’ tightly held the majority of the exploration acreage within the Canning Basin. In June 2010, Buru Energy announced a $152.4 million dollar farm-in deal with Mitsubishi. In July 2011 New Standard Energy also announced a $109.5 million dollar farm-in deal with ConocoPhillips for work within the Canning Basin.
Strata-X believes the L 11-3 onshore Canning Basin block is prospective for both conventional and unconventional petroleum within the Carboniferous Laurel Formation, and prospective for unconventional petroleum in the deeper Devonian Goldwyer Formation. Recent oil and gas discoveries by Buru Energy within the Laurel Formation have particularly outlined the potential within this largely unexplored area of the Basin.
Buru Energy Limited, a public company listed on the Australian Stock Exchange (ASX:BRU) , through news releases, have announced the following results within the Carboniferous Laurel Formation:
3C/P10 173.3 mmboe unconventional wet gas
Ungani Oil Field
20 mmbbls recoverable oil
Flow rates up to 1,000 bbls per day
1,300+ meters of gas shows
2+ TCF unconventional wet gas accumulation
The deeper Goldwyer Formation within the L11-3 block is also prospective for shale oil/gas. In 2011, the EIA (US Energy Information Administration) completed an assessment within 14 regions outside the United States in the World Shale Gas Resources Report; April 2011. The EIA focused on the potential of the Goldwyer Formation and calculated 229 TCF of technically recoverable resources within the basin.
Tim Hoops, Strata-X President, said: “The entry into Australia is an excellent opportunity for the company to draw on the strengths of the company’s management. Strata-X Chairman, Ron Prefontaine, and I have extensive experience in Australian petroleum assets.”
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 Western Australia and production and development opportunities in California and Texas. Strata-X has 42,563,156 common shares outstanding and trades under the symbol SXE on the TSX.V
For Further information contact:
President and Chief Executive Officer
Public documents for Strata-X Ltd. (formerly known as Ozcapital Ventures Inc.) Can be found at SEDAR (www.sedar.com)