Strata-X Updates on Advancement of its key USA Oil Projects
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - November 18, 2013 (Pacific Standard Time - Canada)
- Strata-X has begun mobilizing completion equipment to the horizontal Burkett 5-34HOR well.
- Multi-stage horizontal stimulation of Burkett 5-34HOR expected to start this week.
- Commenced site preparation for the Maverick Oil Project multi-stage stimulated vertical well.
The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) are pleased to provide the following operational updates on the Vail and Maverick Oil Projects.
Vail Oil Project
The Company has begun mobilizing equipment to the site of the Burkett 5-34HOR well in the Vail Oil Project to carry out a multi-stage stimulation of the well this week and, pending positive results, the well will be set up for production testing.
As announced on October 17, 2013, Strata-X engaged Halliburton for the completion stimulation on Burkett 5-34HOR after conducting a detailed examination of data gathered from (i) the core of the targeted Devonian Lingle formation; (ii) the drilling of the well; and (iii) the breakdown and pressure test conducted after the lateral liner was set. The Burkett 5-34HOR was drilled as a test of the Devonian Lingle formation and reached a measured depth of 6,762 feet, including a 1,824 foot lateral. During the drilling of the well in the targeted Devonian Lingle formation, oil and gas shows were encountered and oil was visible in the drilling mud.
Strata-X has acquired a 100% net working interest in oil and gas exploration rights on 49,200 net acres covering the Vail Oil Project in the Illinois Basin, USA. Please refer to 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.
Maverick Oil Project
As reported by the Company on October 24, 2013 Strata-X has contracted with Unison Drilling, Inc. of Devine, TX to utilize their rig #11 to drill Cinco Saus Creek #1, the Company’s first exploratory well on the Maverick Oil Project located on the Eagle Ford Shale trend in South Texas. Site preparation has commenced with the rig planned to be mobilized in the first week of December 2013. The Cinco Saus Creek #1 well is designed as a vertical exploratory well with an anticipated vertical depth of 4,200 feet. The Company plans to core and pressure test approximately 600 feet of the Eagle Ford Shale and Buda formations and using the core analysis and pressure test results, design an optimal multistage vertical stimulation program for the well. Strata-X has a ~97% working interest in the Cinco Saus Creek #1 and is the well operator.
The Maverick Oil Project is a high potential oil development project for Strata-X and consists of a working interest in approximately 10,945 net acres to Strata-X’s interest in the Maverick Basin, Maverick County, Texas USA. The Maverick Oil Project will target the Eagle Ford Shale formation in South Texas, USA.
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, Texas, Illinois and Western Australia and production and development opportunities in California. Strata-X has 139,785,415 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.