Strata-X Hires V.P. of Exploration and Applies for Warrant Extension
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - June 10, 2014 (Pacific Time - Canada)
Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) is pleased to announce the hiring of Dr. Ira Pasternack as Vice President of Exploration. Prior to joining Strata-X, Dr. Pasternack served as geotechnical team coordinator and an advisor for several petroleum companies including Amoco Production Company and Encana Oil and Gas (USA). Dr. Pasternack earned a BA in geology from Occidental College (Los Angeles) and MS and PhD degrees in geology from the Colorado School of Mines. Dr. Pasternack has evaluated conventional and unconventional petroleum systems for over thirty years. His experience ranges from wildcat exploration to detailed reservoir studies conducted to optimize field development programs.
The Company has applied to the TSX Venture Exchange (the “Exchange”) for acceptance to amend the terms of an aggregate of 7,647,500 common share purchase warrants issued pursuant to a non-brokered private placement (“Private Placement”) of Units (“Unit Warrants”) and Convertible Notes (“Note Warrants”) which closed in two tranches on June 29, 2012 and July 13, 2012. The Unit Warrants and Note Warrants are exercisable into common shares at an exercise price of $0.60 and $0.50, respectively. A total of 1,037,500 Unit Warrants and 6,060,000 Note Warrants (both due to expire June 29, 2014) will be amended by extending the expiry date to June 29, 2015. A total of 400,000 Unit Warrants and 150,000 Note Warrants (both due to expire July 13, 2014) will be amended by extending the expiry date to July 13, 2015. No warrants issued under the Private Placement have been exercised to date. The amendment to the terms of the Unit Warrants and Note Warrants is subject to Exchange approval and shareholder approval, as required by the ASX.
The Company will seek shareholder approval for the amendment to the warrants at its next meeting of shareholders. No warrants can be exercised during the period following the date on which they currently expire to the date on which shareholder approval is obtained.
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|