Strata-X Executes Agreement to Increase its Illinois Basin Assets
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - March 5, 2014 (Pacific Time - Canada)
- Strata-X signs Purchase and Sale Agreement to acquire an additional 23,595 net acres for the Vail Oil Project plus a producing horizontal well.
- On completion of the transaction, Strata-X will have 100% of 72,795 net acres in the light oil prospective area of the Illinois Basin.
- Total consideration to be paid by the Company for the acquisition is approximately USD$2.25 Million.
- Transaction is anticipated to close on or before March 20, 2014.
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 has signed a Purchase and Sale Agreement with an undisclosed third party (“Seller”) to acquire a producing horizontal well and approximately 23,595 net acres of exploration leases (the “Assets”) adjacent to the Company’s existing Vail Oil Project (“Transaction”).
The Purchase and Sale Agreement, which is subject to a number of conditions the Company anticipates meeting, including completion of the Company’s due diligence on the Assets to be acquired, is expected to close no later than March 20, 2014 (“Closing Date”).
Total anticipated consideration for the Assets is USD$2.25 Million, which Strata-X will fund with existing cash reserves. For competitive reasons, the Company will not be providing further details about the Assets and Transaction until after the anticipated Closing Date.
Strata-X, before accounting for this Transaction, 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. For additional details on this project, please refer to the Vail Project Presentation found on the Company’s website 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.