Strata-X Recovers Core, Reaches Total Depth, Sets Casing - Maverick Oil Project
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - January 13, 2014 (Pacific Time - Canada)
- Completed coring operations on the Eagle Ford shale and Buda formations, recovered 100% of the targeted 600 foot interval.
- Reached total depth of 4,220 feet and logged the well.
- Set and cemented 4 ½ inch casing to total depth.
The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) are pleased to announce that coring operations on the Eagle Ford shale and Buda formations on the Cinco Saus Creek #1 well have recovered 100% of the targeted 600 foot interval and that the well was drilled to a total depth of 4,220 feet as planned. Upon reaching total depth, the well was logged and 4 ½ inch casing was set and cemented into place. Unison Drilling, Inc. rig #11, which was utilized to drill the well, has been released and is mobilizing off the well location.
The 600 foot core of the Eagle Ford shale and Buda formations is being sent to a laboratory for analysis. The pending laboratory analysis, along with well logs and data acquired in drilling the well, will be used to finalize the design of the completion stimulation. Strata-X anticipates the vertical completion stimulation of the Cinco Saus Creek #1 well will occur near the end of the first quarter of 2014.
Strata-X is the operator of the Cinco Saus Creek #1 well and retains an approximate 96.9% working interest in it. Strata-X’s joint venture partner on the Maverick Oil Project elected not to participate on the Cinco Saus Creek #1 well. This election grants Strata-X an additional 3.1% working interest in the well, which interest is subject to a 300% payback penalty. Overall, the Company has acquired exploration rights to 10,945 mostly contiguous net acres in the Maverick Oil Project.
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, Colorado, 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 please 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.