Strata-X Commences Drilling on Maverick Oil Project
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - December 29, 2013 (Pacific Standard Time - Canada)
- Commenced drilling operations on the Cinco Saus Creek #1 well
- Company expects to core approximately 600 feet of Eagle Ford and Buda Formation
- Investor presentation on Maverick Oil Project now available on Strata-X website
The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) are pleased to announce that the Company started drilling operations on the Cinco Saus Creek #1 well late on December 27 and that it has released an investor presentation on the Maverick Oil Project. Cinco Saus Creek #1 is the Company’s first appraisal well in the Maverick Oil Project. Strata-X is the operator of the well and retains an approximate 96.9% working interest in it. Overall, the Company has acquired exploration rights to 10,945 mostly contiguous net acres in the Maverick Oil Project.
The Cinco Saus Creek #1 well is permitted as a 4,400 foot vertical test of the targeted Eagle Ford shale in the Maverick Basin. In the Company's assessment, the thick hydrocarbon column within the Eagle Ford shale in and around the Maverick Basin requires a different approach to drilling and completion methods from those currently being utilized in deeper portions of the Eagle Ford shale trend. As such, Strata-X anticipates coring approximately 600 feet of the targeted Eagle Ford shale and Buda formations to better analyze this hydrocarbon column. 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. A completion stimulation of the Cinco Saus Creek #1 well is anticipated near the end of the first quarter of 2014.
Eagle Ford Trend– Statistics
- Approximately 50 miles by 400 miles long, with 260 drilling rigs currently operating
- Current Production –
- 700,000 BOPD
- 3.2 BCFD
- 4,000 drilling permits issued by Texas Railroad Commission
- USGS has determined that the Eagle Ford has technically recoverable reserves of 1 billion barrels of oil and 52 TCF of gas. (http://pubs.usgs.gov/fs/2012/3003/FS12-3003.pdf)
The Company has released an Investor Presentation on the Maverick Oil Project which can be found 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, 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.
|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.