Blue Spruce #1 Completed for Oil Production
DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - February 9, 2015 (Pacific Time - Canada)
The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) announce that further to the Company’s press release dated February 2, 2015, after successfully testing two oil zones in the Blue Spruce #1 well on the Illinois Shallow Oil Project, the well has been set up for production in the Aux Vases formation. The testing consisted of individually perforating and swabbing 3 of the 4 interpreted oil zones starting with the bottom zone and continuing to the top zone. The Company has determined that 2 of the 3 tested zones, the Middle McClosky and Aux Vases, the main targets of the well, are expected to be commercially productive.
The successful stimulation of the Aux Vases formation late last week resulted in 10 barrels of fluid entry per hour with a 25% cut of light oil. Following installation of long-term production facilities, the oil cut is expected to increase as the water pumped into the formation during the stimulation is recovered. (1)
Production tubing, rods and a downhole pump were placed in the hole to individually produce the Aux Vases formation. At a later date, pending the near-term productivity evaluation of the Aux Vases formation, the Company may elect to comingle the Aux Vases production with the Middle McClosky formation in the well.
Pending positive commercial oil flow results, the Company intends to drill offsetting production wells during 2015. Permitting is underway and the next well is planned for March 2015.
The area has experienced a warmer than normal winter resulting in muddy ground conditions. The installation of facilities required for long-term production may be delayed until conditions improve.
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|