Strata-X Sets Closing Date for Illinois Basin Asset Acquisition
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - March 20, 2014 (Pacific Time - Canada)
Further to a press release dated March 5, 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 Closing Date for the Company’s planned acquisition of additional production and exploration assets in the Illinois Basin, has been set for March 24, 2014. On March 4, 2014, Strata-X signed a Purchase and Sale Agreement with an undisclosed third party 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”).
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 Closing Date.
Excluding this Transaction, Strata-X owns 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.