Strata-X Production Update - Burkett 5-34HOR
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - October 30, 2014 (Pacific Time - Canada)
The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) are pleased to provide an update on the Burkett 5-34 HOR well, located in Clay County, Illinois. As previously announced an electrical submersible pump has been working to reduce the fluid level on the Lingle formation in order to draw the hydrostatic pressure down in the well to a point where the Lingle reservoir can produce oil more effectively. This process often takes time until the full results are known but the well is showing improvement in both terms of total oil rate and oil cut (a percentage of oil to the overall fluid produced).
Oil rates as high a 10 barrels per hour have been achieved and oil cuts up to 17% with total oil produced within a 24 period as high as 120 barrels. Both the oil rate and cut vary throughout the day but the overall trend is improving. With the increased oil rate we have seen an increase in gas volumes and pressures thought to be associated with the increase in Lingle oil. It is still too early to tell what the peak production rate will be nor the ultimate recovery from this well. There is no assurance the well will continue to produce at this rate in the future.
This increase in total oil rate and oil cut were achieved after the Company replaced the 1,000 bbl/d electric submersible pump originally put in the wellbore to a depth of approximately 3,250’ with a larger pump capable of pumping up to 1,600 bbl/d. The replacement pump was set at a depth of approximately ~4,325’. Strata-X successfully completed the pump replacement workover on October 21, 2014.
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 146,288,969 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||Julia Maguire (Australia)
|President||Investor Relations||Investor Relations|
|+1 855-463-2400||+1 403-483-8363||+61 419 815 386|