Strata-X Ltd. Announces Drilling Operation on West Florence Project
Golden, Colorado, March 23, 2012 - Strata-X Ltd. (“Strata-X”) (TSX.V:SXE) is pleased to announce that drilling operations have commenced on the Slanovich 32-12P well in Fremont County, Colorado. The well is testing the Pierre Formation at an anticipated depth of approximately 5,000 feet. The well is located within 2 miles of the Florence Field which has produced 15 million barrels of oil from the Pierre Formation. The Florence Field is a shale oil field that was discovered in the 1800s and is the second oldest oil field in the United States. The Slanovich 32-23P well is offsetting a well that was drilled by Mountain Petroleum in 2007 which encountered numerous intervals of fractures and visible oil shows. That well did establish oil production in a deeper horizon but was not able to test the Pierre Formation in that wellbore due to significant lost circulation zones. The Slanovich 32-23P well is being drilled so as to avoid the formation damage that occurred in the first wellbore.
Strata-X owns a 41.67% working interest and its partner, Beach Energy (ASX-BPT), owns the remaining 52.33% working interest in the well together with approximately 3,300 acres.
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, California 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, please 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)