Strata-X Improving Well Results - Burket 5-34HOR
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - November 2, 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. Following the installation of additional production equipment on the 31st of October, 2014, the well continues to clean up and produce oil at higher rates. During the past 24 hours the well has produced at total of 310 barrels of oil. To date a total of 3,050 barrels of sweet high gravity oil have been produced and sold. Oil cuts as high as 40% have been observed however the oil cut has averaged 23% over the past 6 hours.
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 longer term improvement both in terms of total oil rate and oil cut (a percentage of oil to the overall fluid produced). Higher flow rates of natural gas have also been observed which is also believed by the Company to be an indication of increased oil production from the Lingle reservoir. It is still too early to tell what the peak production rate or the ultimate recovery from this well will be. There is no assurance the well will continue to produce at this rate in the future.
Moving forward the company plans to increase the total flow from the well in order to achieve a rate that can be sustained and in balance with the dual reservoirs. The Company owned salt water disposal facility is working efficiently as designed.
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|