Strata-X spuds first of its vertical wells in the Illinois Basin
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - December 18, 2014 (Pacific Time - Canada)
Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA)announces that it has begun drilling operations on the first of its planned vertical wells in its 100% owned Illinois Basin high margin oil project. Using Webster Drilling, Inc. Rig #3 the Company spudded the Blue Spruce #1 well on 17 December 2014 CMT. The well is expected to reach a total depth of 3,275 feet within a week. Assuming the well intersects oil pay, the plan is to case and suspend the well then test and complete the well for production early in 2015.
In light of the lower oil price environment, Strata-X has commenced a re-tender program for all of its field services before continuing with the next wells in the program as it expects the prices for services to be reduced. The Company has also commenced negotiations with landholders to reduce rental payments and extend lease terms. The Company expects to reap substantial cost savings from these strategies. The goal is to continue to drill low risk, low cost wells targeting interpreted bypassed oil pay zones to achieve, self sustaining and profitable production growth.
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 156,584,977 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)
|President||Investor Relations||Investor Relations|
|+1 855-463-2400||+1 403-483-8363||+61 419 815 386|