Strata-X Annouces Results of Annual General and Special Meeting of Shareholders

DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - October 22, 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 announce that its shareholders voted in favour of all resolutions brought before them at the Company's Annual General and Special Meeting of Shareholders held today in Denver, Colorado,USA.

Notice is hereby given, in accordance with Listing Rule 3.13.2 that at the Annual General Meeting (“AGM”) of the Company, the resolutions as set out below were passed by a show of hands without amendment.

Resolution 1 (Ordinary Resolution)
“To fix the number of directors to be elected at the Meeting for the ensuing year at five.”

Resolution 2 (Ordinary Resolution)
“To elect Ron Prefontaine as a Director.”

Resolution 3 (Ordinary Resolution)
“To elect Tim Hoops as a Director.”

Resolution 4 (Ordinary Resolution)
“To elect Tim Bradley as a Director.”

Resolution 5 (Ordinary Resolution)
“To elect Bohdan Romaniuk as a Director.”

Resolution 6 (Ordinary Resolution)
“To elect Don Schurman as a Director.”

Resolution 7 (Ordinary Resolution)
“To appoint the auditors of the Corporation and authorize the directors to fix their remuneration.”

Resolution 8 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 7.1 and for all other purposes, Shareholders approve the issue of a maximum of 15,872,962 Shares or CDIs (“Investor Securities”) in the Corporation, to Sophisticated Investors and Professional Investors (having the meaning ascribed to those terms in the Corporations Act (“Sophisticated and Professional Investors”).”

Resolution 9 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 516,440 shares (“Acquisition Shares”) in the Corporation as partial consideration for the purchase of the Sleeping Giant Project.”

Resolution 10 (Special Resolution)
“That, pursuant to and in accordance with ASX Listing Rule 7.1A, and for all other purposes, the Shareholders approve the issue of securities of up to 10% of the issued capital of the Corporation (at the time of issue) calculated in accordance with the formula prescribed in ASX Listing Rule 7.1A.2, over a 12 month period from the date of this Meeting, at a price not less than that determined pursuant to ASX Listing Rule 7.1A.3 (“10% Securities”).”
 
Resolution 11 (Ordinary Resolution)
“That approval be given for the purposes of ASX Listing Rule 10.17 and for all other purposes to increase the maximum aggregate amount of fees payable to Non-Executive Directors by CAD$150,000 to CAD$500,000 per annum, to be apportioned by the Directors at their discretion.”
 
Resolution 12 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 7.2 Exception 9(b) and the TSX Venture Exchange and for all other purposes approval is given for the renewal of the Corporation’s Stock Option Plan (as amended) and that the issue of options under the Stock Option Plan be an exception to ASX Listing Rules 7.1 and 7.1A.”
 
Resolution 13 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue 600,000 options exercisable at the closing price of the Corporation’s Shares on the TSX-V on the date of approval by the Corporation’s Shareholders or C$0.30, whichever is higher, and expiring 5 years from the date of grant, to Mr Tim Hoops, a Director of the Corporation, or his nominee (“Hoops Options”).”
 
Resolution 14 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue 50,000 options exercisable at the closing price of the Corporation’s Shares on the TSX-V on the date of approval by the Corporation’s Shareholders or C$0.30, whichever is higher, and expiring 5 years from the date of grant, to Mr Tim Bradley, a Director of the Corporation, or his nominee (“Bradley Options”).”
 
Resolution 15 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue 100,000 options exercisable at the closing price of the Corporation’s Shares on the TSX-V on the date of approval by the Corporation’s Shareholders or C$0.30, whichever is higher, and expiring 5 years from the date of grant, to Mr Bohdan Romaniuk, a Director of the Corporation, or his nominee (“Romaniuk Options”).”
 
Resolution 16 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue 50,000 options exercisable at the closing price of the Corporation’s Shares on the TSX-V on the date of approval by the Corporation’s Shareholders or C$0.30, whichever is higher, and expiring 5 years from the date of grant, to Mr Don Schurman, a Director of the Corporation, or his nominee (“Schurman Options”).”
 
Resolution 17 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 7.4 and for all other purposes, Shareholders ratify the previous issue of 800,000 options to a Consultant of the Corporation exercisable at A$0.50 each on or before 31 December 2014 (“Consultant Options”)”.
 
In respect of the resolutions, the total number of proxy votes exercisable by all proxies validly appointed and the total number of proxy votes in respect of which the appointments specified that:
 
i.         The proxy was to vote for the resolution; and
ii.       The proxy was to vote against the resolution, or in relation to Resolutions 2-7, the proxy vote was withheld; and
iii.      The proxy was able to vote at the proxy’s discretion; and
iv.     The proxy abstained from voting.
 
are set out below:
 

Resolution For Against Withheld Discretion Abstain Total
1 34,688,782 0   0 0 34,688,782
2 34,106,627   10,000 0 0 34,688,782
3 34,116,627   0 0 0 34,688,782
4 34,116,627   0 0 0 34,116,627
5 34,116,627   0 0 0 34,116,627
6 34,116,627   0 0 0 34,116,627
7 34,688,782   0 0 0 34,688,782
8 34,106,627 10,000   0 0 34,116,627
9 34,116,627 0   0 0 34,116,627
10 34,099,960 16,667   0 0 34,116,627
11 17,659,959 26,667   0 16,400,001 34,086,627
12 17,686,626 0   0 16,400,001 34,086,627
13 28,116,627 0   0 6,000,000 34,116,627
14 28,116,627 0   0 6,000,000 34,116,627
15 34,166,627 0   0 0 34,116,627
16 34,003,293 0   0 113,334 34,116,627
17 34,116,627 0   0 0 34,116,627

 
 About Strata-X
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 123,921,453 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
info@strata-x.com

 

  colin@strata-x.com   dcornish@strata-x.com
 

This announcement was made in Canada for the TSX.V and in Australia for the ASX.

Public documents for Strata-X Energy Ltd. can be found at SEDAR (Canada) (www.sedar.com) and ASX.com.au (Australia).

CAUTIONARY STATEMENT
By definition of the COGE Handbook - "Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered." Further the Handbook states - Caution (per NI 51-101/5.9(2)(v)(B)) - "There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources." In addition, per NI 51-101/5.6 "the estimated values disclosed do not represent fair market value."
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.