Strata-X Energy Blue Spruce #1 Well Testing on Track
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - January 19, 2015 (Pacific Time - Canada)
Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) announces that the Company has mobilized completion equipment to the location of the Blue Spruce #1 to test the productivity of the well. The completion testing is within the shallow Mississippian formation which includes four potential targeted economic zones with 33 feet of net pay1 (calculated) encountered during drilling. Depending on the productivity of the Blue Spruce #1, potentially up to 8 direct offset drilling locations are available on Company leased lands. The completion testing of the Blue Spruce #1 should take approximately 10 days and the Company anticipates placing the well on full production within 30 days of successful production testing.
Following the re-tendering of its field services, which is expected to yield cost reductions, Strata-X plans to continue its shallow multi-well, low risk, high margin, interpreted bypassed oil pay, vertical program in the Illinois Basin with the goal of achieving prudent, self-sustaining and profitable production growth. Strata-X is focused on driving operational efficiency, reducing costs, prudently managing capital and ensuring that its balance sheet remains strong.
(1) Net pay is the thickness of rock that can deliver hydrocarbons to the well bore on a profitable basis.
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|