Strata-X Well Encounters Oil Pay Zones from Primary Targets
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - December 22, 2014 (Pacific Time - Canada)
Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) announces that the Company’s first well in a multi-well drilling program in the Illinois Basin, the Blue Spruce #1, has reached a total depth of 3,280 feet. During drilling, multiple oil and gas shows were encountered in the targeted shallow Mississippian formations. Preliminary wireline and mud log interpretation indicates approximately 18 feet of total oil pay in the Aux Vasse and McClosky formations, the primary target zones for the well. The Company has elected to case the well with 5.5 inch casing before releasing the drilling rig.
In January 2015, the Company intends to individually test the oil bearing intervals encountered and subsequently test each zone to determine their productive potential. Following the retendering of its field services, which is expected to yield cost reductions, the Company plans to continue its shallow multi-well, low risk, interpreted bypassed oil pay, vertical program in the Illinois Basin with the goal 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|