Strata-X Updates Vail Oil Project Completion Stimulation
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - November 21, 2013 (Pacific Standard Time - Canada)
The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) announce that after pumping approximately 25,000 pounds of sand in the first of seven stages of stimulation on the Burkett 5-34HOR well on the Vail Oil Project, the completion screened out. As a consequence, the well bore will need to be cleaned out before the multi-stage stimulation can continue. A workover rig will be mobilized to the site to commence a cleanout operation of the well. The Company anticipates that the completion stimulation can resume as early as the middle of December 2013.
Halliburton, which was engaged to conduct the completion stimulation on the Burkett 5-34 HOR well, has been released and is moving off location. The stimulation program cannot proceed until the bore is cleared by the workover rig and the data from the first stimulation stage is integrated into a new completion model to determine an optimal stimulation program.
Tim Hoops, Strata-X’s CEO, commented, “Although we are disappointed with this delay to our stimulation program, the prospectivity of the area remains unchanged. At the same time, we are encouraged by the preliminary analysis which indicates that there is more natural fracturing present in the target reservoir than initially anticipated. This could potentially assist in the effective drainage of the reservoir.”
Maverick Oil Project
On the Maverick Oil Project in Texas, the Company is pleased to announce that construction has begun on the drilling location. Service crews and equipment are being mobilized to the site in anticipation of drilling commencing on Strata-X’s Cinco Saus Creek #1 well.
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.