Strata-X Ltd. Operational Update
Golden, Colorado, April 5, 2012 -Strata-X Ltd. (“Strata-X”) (TSX.V:SXE) announced today that the Slanovich 32-23P well, located in Fremont County, Colorado was plugged following hole stability issues in the wellbore. The company intends to resume drilling in the project at a later date following a detailed review of the data obtained from this wellbore.
The well was targeting the Pierre Formation at a depth of approximately 5,000 feet and was located within 2 miles of the Florence Field which has produced approximately 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 minor oil production in a deeper horizon but was not able to test the Pierre Formation in that wellbore due to significant lost circulation zones.
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.
Vallecitos Oil Project
After encountering oil shows and interpreted oil pay, the 6-32 RD2 well in the Vallecitos Project in San Benito County, California is being completed for production testing. It is anticipated that testing will commence later this month. Integrating the results of the 6-31RD2 well, the joint venture has reprocessed the project’s 3D seismic grid and is currently in the process of updating the subsurface mapping of the area. Pending results of the production testing and new mapping, it’s anticipated that another appraisal well could be drilled later in 2012.
Strata-X owns a 22.5% working interest in the Vallecitos project with the remaining interest owned by private parties.
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 42,585,656 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)