Strata-X Provides Update to its 2013 Drilling Campaign
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA . June 24, 2013 (Pacific Daylight Time-Canada)-
The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX.V:SXE) (ASX:SXA) are pleased to provide an update on the 2013 exploration and appraisal programs for the Company’s three key USA projects where Strata-X is the operator and majority interest owner.
Vail Oil Project, Illinois Basin – 100% of 48,000 net acres
The Company’s first horizontal appraisal well in its Vail Oil Project, the Burkett #5-34HOR permitted by the Illinois Department of Natural Resources – Mines and Minerals Division (“DNR”), is to be drilled in Clay County, Illinois, west of the town of Xenia, Illinois. The Company has a contract with Les Wilson, Inc., an Illinois based drilling company, to utilize their Rig #25 for this well and expects the rig to be mobilized to the location of the Burkett #5-34HOR well within the next 10 days. Drilling of the exploratory well on the Vail Oil Project is anticipated to commence on or around July 8, 2013.
The permit issued by the DNR for the Burkett #5-34HOR well authorizes the following (approximate) drilling parameters: a true vertical depth of 4,500ft, a true measured depth of 9,300ft and a horizontal leg length of 4,300ft. Strata-X anticipates drilling the Burkett #5-34HOR well in two stages. First, the Company plans to drill a vertical hole to the top of the target formation and then core approximately 60 feet of the formation. Once this first stage has been completed, the Company intends to plug back the vertical section of the well and drill the horizontal leg. In total, the Company anticipates the drilling of the Burkett #5-34HOR well will take approximately 45 days.
The information gained from the analysis of the core and well logging is expected to assist the Company in designing the most efficient completion method for the well.
Maverick Oil Project, Eagle Ford, West Texas – 75% to 100% of 10,945 net acres
The Company advises that it has secured the services of specialized analysis company, Total Depth Pty Ltd (“Total Depth”), to conduct proprietary seismic processing and interpretation analysis of the current 3-D seismic data on the Maverick Project. This analysis is designed to assist the Company in geological mapping for the proposed vertical well drilling campaign. Subject to the results of this work, up to three wells are planned for later in the third quarter.
The work by Total Depth should allow the Company to more accurately predict the most appropriate zones for fracture stimulation within the 400-500 feet of interpreted vertical oil column exhibited in previous wells within the Strata-X leases. In the Company’s assessment, the nature of the hydrocarbons and reservoirs within the Eagle Ford in and around the Maverick Basin requires a different approach to drilling and completion methods than those currently being utilized in deeper portions of the Eagle Ford trend. Strata-X anticipates that the drilling in the Maverick Oil Project will begin in September.
Sleeping Giant Gas Project, Williston Basin, North Dakota – 100% of 155,000 net acres
The Sleeping Giant project is located in North Dakota and is targeting natural gas resources trapped in the Niobrara Formation, a prolific producer of hydrocarbons throughout the Rocky Mountain Region.
Drilling on the Sleeping Giant Natural Gas Project is projected to begin in the third quarter of the year. The targets for this project lie at a very shallow depth of approximately 1,500 feet. Strata-X plans to drill up to four wells on the Sleeping Giant project this year.
The Company has mapped over 20 leads and prospects in the target area and owns the rights to approximately 155,000 acres.
More information about Strata-X’s portfolio of projects can be found on the Company’s website at www.strata-x.com.
Strata-X is a Denver, Colorado (USA) 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, Colorado, Texas, Illinois and Western Australia and production and development opportunities in California. Strata-X has 123,752,453 common shares outstanding and trades under the symbol “SXE” on the TSX-V and “SXA” on the ASX.
For Further information contact:
|Tim Hoops (USA)||or||Colin Christensen (Canada)||or||Duncan Cornish (Australia)|
|President||Investor Relations||Corporate Secretary|
|+1 720-515-8793||+1 403-483-8363||+61 7 3212-6299|
This announcement was made in Canada for the TSX.V and in Australia for the ASX.