Strata-X Announces Update on Capital Raising and Initial Public Offering on ASX
GOLDEN, COLORADO and VANCOUVER, BRITISH COLUMBIA. Feb. 12, 2013- The directors and management of Strata-X Energy Ltd ("Strata-X" or the "Company") (SXE.V) are pleased to announce that the offering associated with the Company’s dual-listing on the Australian Securities Exchange (“ASX”) has closed with approximately A$12.6 million in firm commitments. The final numbers are being tabulated and documentation processed with a final tally expected by February 15, 2013. The Company’s CHESS Depositary Interests (CDIs) will begin trading on the ASX once the ASX listing conditions have been satisfied. Each CDI represents one underlying share in Strata-X. The Company’s existing shares will continue to trade on the TSX Venture Exchange under the symbol “SXE”.
The IPO was lead managed by BBY Ltd and Helmsec Global Capital Limited. Bizzell Capital Partners Pty Ltd acted as financial advisor to Strata-X.
About Strata-X Energy Ltd
Strata-X Energy Ltd and its wholly owned subsidiaries, Strata-X, Inc. and Strata-X Australia Pty Ltd, is an independent oil and gas exploration company listed on the TSX-V. Based in British Columbia, Canada, Strata-X has a portfolio of petroleum projects which provides a diversified collection of potential high growth opportunities for Shareholders. The Company’s strategy and goals are to discover and develop oil and gas opportunities with relatively low entry costs, a meaningful acreage position and a large working interest which combine to create the potential for substantial growth for Shareholders.
Strata-X Energy currently owns or has rights to approximately 6,779km2 (1,675,160 net acres) in petroleum assets located in the USA and Australia. The company is primarily targeting near term growth in conventional and unconventional oil resources in the USA. Longer term growth is offered in the Company’s successful strategic application for 5,820 km2 (1,438,120 acres) in the Canning Basin, Western Australia. Strata-X Energy owns and operates 100% of the majority of its four key projects which provides the Company with flexibility in terms of timing and approach to exploration and any subsequent development of delineated oil and gas properties. The Company also has interests in several other petroleum projects in the USA.
Strata-X is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in Texas, North Dakota, California, Illinois and Western Australia and production and development opportunities in California and Texas. Strata-X Energy Ltd has 63,737,105 shares outstanding.
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Public documents for Strata-X Ltd. can be found at SEDAR (www.sedar.com)