Strata-X Announces Results of Annual and Extraordinary Meeting of Shareholders

DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - December 11, 2016 (Pacific Time - Canada) (TSX-V:SXE) (ASX:SXA)

The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX-V:SXE) (ASX:SXA) are pleased to announce that its shareholders voted in favour of all resolutions brought before them at the Company's Annual and Extraordinary Meeting of Shareholders held on December 9, 2016 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 Tim Hoops as a Director.”

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

Resolution 4 (Ordinary Resolution)
“To elect Bohdan Romaniuk as a Director.”

Resolution 5 (Ordinary Resolution)
“To elect Ron Prefontaine as a Director.”

Resolution 6 (Ordinary Resolution)
“To elect Greg Hancock 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 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 7.4 and for all other purposes, Shareholders ratify the previous issue of up to 8,700,000 CDIs (Tranche 1 CDIs) in the Corporation, to Sophisticated Investors and Professional Investors (having the meaning ascribed to those terms in the Corporations Act (“Sophisticated and Professional Investors”) on the terms and conditions set out in this Circular.”

Resolution 10 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue up to 12,000,000 CDIs in a private placement to Mr Ron Prefontaine (or his nominee) on the terms and conditions set out in this Circular.”

Resolution 11 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 10.11 and for all other purposes, approval is given to issue up to up to 1,000,000 CDIs in a private placement to Mr Tim Hoops (or his nominee) on the terms and conditions set out in this Circular.”

Resolution 12 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 7.1 and for all other purposes, Shareholders approve the issue of up to 34,300,000 CDIs (Tranche 2 CDIs) in the Corporation, to Sophisticated Investors and Professional Investors (having the meaning ascribed to those terms in the Corporations Act (“Sophisticated and Professional Investors”) on the terms and conditions set out in this Circular)”

Resolution 13 (Ordinary Resolution)
“That for the purposes of ASX Listing Rule 7.1 and for all other purposes, Shareholders approve the issue of 5,000,000 options to Bizzell Capital Partners Pty Ltd or its nominee (Consultant), a consultant of the Corporation exercisable at A$0.07 each expiring three years after the date of issue (“Consultant Options”)”.

Resolution 14 (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 within three years from the date of this Resolution.”

Resolution 15 (Special Resolution)
“That, pursuant to and in accordance with ASX Listing Rule 7.1A, and for all other purposes, the Shareholders 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”).”

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

39,320,102

50,000

 

30,000

39,400,102

2

39,300,436

 

99,666

0

39,400,102

3

39,300,436

 

99,666

0

39,400,102

4

39,300,436

 

99,666

0

39,400,102

5

39,300,436

 

99,666

0

39,400,102

6

39,300,436

 

99,666

0

39,400,102

7

39,300,436

 

99,666

0

39,400,102

8

39,370,102

 

0

30,000

39,400,102

9

39,308,435

91,667

 

0

39,400,102

10

26,637,520

93,167

 

12,669,415

39,400,102

11

39,308,435

91,667

 

0

39,400,102

12

39,308,435

91,667

 

0

39,400,102

13

39,229,661

170,441

 

0

39,400,102

14

26,614,020

91,667

 

12,694,415

39,400,102

15

39,308,435

91,667

 

0

39,400,102

 

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 the States of California and Illinois in the United States of America, Western Australia and the Republic of Botswana. Strata-X has 67,475,208 common shares outstanding and trades under the symbol "SXE" on the TSX-V and "SXA" on the ASX.

For Further information please contact:

Tim Hoops (USA)    
President    
+1 855-463-2400    
info@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).

CAUTIONARY STATEMENT 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." Further the Handbook 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."

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions are 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 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 "Risks and Uncertainties" in the Company's Filing Statement dated 27 September 2016 available on SEDAR at www.sedar.com 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