Strata-X  Announces Results of Annual General and Special Meeting of Shareholders and the Grant of Stock Options

DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - December 3, 2014 (Pacific Time - Canada)

Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) is pleased to announce that its shareholders voted in favour of all resolutions brought before them at the Company's Annual General and Special Meeting of Shareholders held today in Denver, Colorado, USA.

Notice is hereby given, in accordance with Listing Rule 3.13.2 that at the Annual General Meeting (“AGM”) of the Company, the resolutions as set out below were passed by a show of hands without amendment.

Resolution 1 (Ordinary Resolution)
“To fix the number of directors to be elected at the Meeting for the ensuing year at six.”

Resolution 2 (Ordinary Resolution)
“To elect Ron Prefontaine as a Director.”

Resolution 3 (Ordinary Resolution)
“To elect Tim Hoops as a Director.”

Resolution 4 (Ordinary Resolution)
“To elect Tim Bradley as a Director.”

Resolution 5 (Ordinary Resolution)
“To elect Bohdan Romaniuk as a Director.”

Resolution 6 (Ordinary Resolution)
“To elect Don Schurman as a Director.”

Resolution 7 (Ordinary Resolution)
“To elect Dennis Nerland as a Director.”

Resolution 8 (Ordinary Resolution)
“To appoint the auditors of the Corporation and authorize the directors to fix their remuneration.”

Resolution 9 (Special Resolution)
To approve the issue of securities of up to 10% of the issued capital of the Corporation (at the time of issue) calculated in accordance with the formula prescribed in ASX Listing Rule 7.1A.2, over a 12 month period from the date of this Meeting, at a price not less than that determined pursuant to ASX Listing Rule 7.1A.3 (“10% Securities”).”

Resolution 10 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 7.2 Exception 9(b) and the TSX Venture Exchange and for all other purposes approval is given for the renewal of the Corporation’s Stock Option Plan (as amended) and that the issue of options under the Stock Option Plan be an exception to ASX Listing Rules 7.1 and 7.1A.”

Resolution 11 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue 50,000 options exercisable at the closing price of the Corporation’s Shares on the TSX-V on the date of approval by the Corporation’s Shareholders or C$0.30, whichever is higher, and expiring 5 years from the date of grant, to Mr Tim Bradley, a Director of the Corporation, or his nominee.”

Resolution 12 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue 100,000 options exercisable at the closing price of the Corporation’s Shares on the TSX-V on the date of approval by the Corporation’s Shareholders or C$0.30, whichever is higher, and expiring 5 years from the date of grant, to Mr Bohdan Romaniuk, a Director of the Corporation, or his nominee.”

Resolution 13 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue 150,000 options exercisable at the closing price of the Corporation’s Shares on the TSX-V on the date of approval by the Corporation’s Shareholders or C$0.30, whichever is higher, and expiring 5 years from the date of grant, to Mr Dennis Nerland, a Director of the Corporation, or his nominee.”

Resolution 14 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue 50,000 options exercisable at the closing price of the Corporation’s Shares on the TSX-V on the date of approval by the Corporation’s Shareholders or C$0.30, whichever is higher, and expiring 5 years from the date of grant, to Mr Don Schurman, a Director of the Corporation, or his nominee.”

Resolution 15 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue 1,500,000 options exercisable at the closing price of the Corporation’s Shares on the TSX-V on the date of approval by the Corporation’s Shareholders or C$0.30, whichever is higher, and expiring 5 years from the date of grant, to Mr Tim Hoops, a Director of the Corporation, or his nominee.”

Resolution 17 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue CDIs to Mr Tim Hoops, a Director of the Corporation, or his nominee, upon conversion of loans made to the Corporation by Mr Hoops.”

Resolution 18 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue CDIs to Mr Ron Prefontaine, a Director of the Corporation, or his nominee, upon conversion of loans made to the Corporation by Mr Prefontaine.”

Resolution 19 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue CDIs to Mr Dennis Nerland, a Director of the Corporation, or his nominee, upon conversion of loans made to the Corporation by Mr Nerland.”

In respect of the resolutions, the total number of proxy votes exercisable by all proxies validly appointed and the total number of proxy votes in respect of which the appointments specified that:

  1. The proxy was to vote for the resolution; and
  2. The proxy was to vote against the resolution, or in relation to Resolutions 2-7, the proxy vote was withheld; and
  3. The proxy was restricted or abstained from voting.

Pursuant to the notice of AGM, undirected votes will not be counted.


Resolution

For

Against

Withheld

Restricted/Abstain

Total

1

38,005,674

100,000

 

16,667

38,122,341

2

38,098,920

 

73,421

-

38,172,341

3

38,098,920

 

23,421

-

38,122,341

4

38,098,920

 

23,421

-

38,122,341

5

38,098,920

 

23,421

-

38,122,341

6

38,098,920

 

23,421

-

38,122,341

7

38,098,920

 

23,421

-

38,122,341

8

37,958,505

-

 

163,836

38,122,341

9

37,597,885

517,789

 

6,667

38,122,341

10

19,165,933

535,210

 

18,421,198

38,122,341

11

36,738,803

1,376,710

 

6,828

38,122,341

12

36,328,803

1,376,710

 

416,828

38,122,341

13

36,738,803

1,376,710

 

6,828

38,122,341

14

36,438,803

1,376,710

 

306,828

38,122,341

15

30,728,803

1,376,710

 

6,016,828

38,122,341

16

 

 

 

 

 

17

31,478,636

620,210

 

6,023,495

38,122,341

18

22,760,828

620,210

 

14,741,303

38,122,341

19

37,488,636

620,210

 

13,495

38,122,341

The board of directors determined prior to the AGM to withdraw resolution 16, pertaining to the Company’s previously proposed short form offering and as such this resolution was not submitted to the Company’s shareholders

Grant of Stock Options
The Company also announces that it has granted options to purchase up to 1,800,000 common shares of the Company at an exercise price of CAD$0.30 per share to certain directors. These options are exercisable up to December 3, 2019.

About Strata-X
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 contact:

Tim Hoops (USA) or Colin Christensen (Canada) or Julia Maguire (Australia)
The Communiquè
President   Investor Relations   Investor Relations
+1 855-463-2400   +1 403-483-8363   +61 419 815 386
info@strata-x.com   colin@strata-x.com   julia@strata-x.com
This announcement was made in Canada for the TSX.V and in Australia for the ASX.
Public documents for Strata-X Energy Ltd. can be found at SEDAR (Canada) (www.sedar.com) and ASX.com.au  (Australia).
By definition of the COGE Handbook - "Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered."  The Handbook further states - Caution (per NI 51-101/5.9(2)(v)(B)) - "There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources." In addition, per NI 51-101/5.6 "the estimated values disclosed do not represent fair market value."
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements, which relate to future events or future performance, including but not limited to, the completion and size of the Placement, receipt of regulatory approvals and timing thereof, the Corporation’s business strategies and plans for the use of such Placement proceeds, capital expenditure programs and estimates relating to timing and costs, and reflect management's current expectations and assumptions, including, but not limited to the timing and receipt of necessary regulatory approvals and third party approvals and completion of the Placement and stability of general economic and financial market conditions. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions is intended to identify forward-looking statements. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties , including imprecision in estimate capital expenditures and operating expenses, stock market volatility, general economic and business conditions in North America and globally, risks associated with liquidity and capital resource requirements, that may cause future results to differ materially from those expected and the forward-looking statements included in this news release should not be unduly relied upon. See also "Risks Factors" in the Company's Annual Information Form dated September 25, 2014 available on SEDAR at www.sedar.com. Those factors are not, and should not be construed as being exhaustive. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.