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:

Tim Hoops
President and Chief Executive Officer
Telephone: 303-550-5582   

OR

Doug Walker
Corporate Secretary
Telephone: 780-439-8995

Public documents for Strata-X Ltd. (formerly known as Ozcapital Ventures Inc.) Can be found at SEDAR (www.sedar.com)

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.