Strata-X Releases Rig After Successfully Finishing First Horizontal Well in Vail Oil Project and Announces Additional Wells
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - September 4, 2013 (Pacific Daylight Time - Canada)
- Liner and 7-stage sliding sleeve completion system successfully installed at the Burkett 5-34H well in preparation for stimulation and production testing
- Rig released on September 1
- Oil and gas shows encountered and oil visible in drilling mud from targeted Lingle formation
- Permitting process underway for two new horizontal well locations in Strata-X's 100% owned Vail Oil Project.
The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) are pleased to announce that upon reaching a total depth of 6,762 feet in the Burkett 5-34HOR well, the Company successfully set a liner through the 1,824 foot laterally drilled oil zone using a 7-stage sliding sleeve completion system. On September 1, 2013 Strata-X released Les Wilson, Inc's drilling rig #25 that was used to drill the Burkett 5-34HOR well.
The next stage is to conduct a breakdown and pressure test to obtain definitive reservoir pressure data. This pressure data, together with rock mechanics data derived from the core taken in the vertical stage, will be used to finalize the design of the stimulation stage for the well planned for late October. Please refer to Slide 16 of the Vail Project Primer found on the Company's website (www.strata-x.com) which illustrates the current stage of the well and the Company's plans for its stimulation and testing. The Company owns a 100% working interest in the well and 48,000 net acres in the Vail Oil Project overall.
The Company is also pleased to announce that it has begun the permitting process for two new horizontal well locations on its Vail Oil Project.
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 123,912,453 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|
|+1 855-463-2400||+1 403-483-8363||+61 7 3212-6299|
This announcement was made in Canada for the TSX.V and in Australia for the ASX.