Strata-X Annouces Results of Annual and Extraordinary Meeting of Shareholders and Grant of Options

DENVER, COLORADO USA, BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA CANADA - December 19, 2017 (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 19, 2017 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)
“To approve the Company’s stock option plan for the purpose of ASX Listing Rule 7.2, exception 9 (b) and for all other purposes.”

Resolution 10 (Ordinary Resolution)
“To approve the Company’s ability to issue an additional 10% of the issued capital of the Company over a 12 month period pursuant to ASX Listing Rule 7.1A.”

Resolution 11 (Ordinary Resolution)
“To approve the issuance of stock options for Mr. Tim Bradley for the purpose of ASX Listing 10.11 and for all other purposes.”

Resolution 12 (Ordinary Resolution)
“To approve the issuance of stock options for Mr. Bohdan Romaniuk for the purpose of ASX Listing 10.11 and for all other purposes.”

Resolution 13 (Ordinary Resolution)
“To approve the issuance of stock options for Mr. Dennis Nerland for the purpose of ASX Listing 10.11 and for all other purposes.”.

Resolution 14 (Ordinary Resolution)
“To approve the issuance of stock options for Mr. Greg Hancock for the purpose of ASX Listing 10.11 and for all other purposes.”

Resolution 15 (Ordinary Resolution)
“To approve the issuance of stock options for Mr. Tim Hoops for the purpose of ASX Listing 10.11 and for all other purposes.”

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

21,621,614

1,025,164

 

1,334

22,648,112

2

21,598,250

 

1,039,528

10,334

22,648,112

3

21,490,224

 

1,120,331

37,557

22,648,112

4

21,599,947

 

1,016,164

32,001

22,648,112

5

21,610,281

 

1,016,164

21,667

22,648,112

6

21,588,280

 

1,016,164

43,668

22,648,112

7

21,621,614

 

1,016,164

10,334

22,648,112

8

22,642,556

 

 

5,556

22,648,112

9

5,591,867

1,080,150

 

15,976,095

22,648,112

10

21,542,962

1,105,150

 

 

22,648,112

11

20,594,336

1,130,386

 

923,390

22,648,112

12

21,144,125

1,130,386

 

373,601

22,648,112

13

20,613,889

1,130,386

 

903,837

22,648,112

14

21,412,169

1,130,386

 

105,557

22,648,112

15

16,126,894

1,130,386

 

5,390,832

22,648,112

 

Grant of Stock Options
The Company also announces that it has granted options to purchase up to 3,800,000 common shares of the Company at an exercise price of CAD$0.05 per share to certain directors and officers of the Company. These options are exercisable up to December 19, 2022. The options are subject to the approval of the Toronto Venture Exchange.

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 and the Republic of Botswana. Strata-X has 89,825,208 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).

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements, which relate to future events or future performance, including but not limited to, the completion and size of the Placement, receipt of regulatory approvals and timing thereof, the Corporation’s business strategies and plans for the use of such Placement proceeds, capital expenditure programs and estimates relating to timing and costs, and reflect management's current expectations and assumptions, including, but not limited to the timing and receipt of necessary regulatory approvals and third party approvals and completion of the Placement and stability of general economic and financial market conditions. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions is 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 , including imprecision in estimate capital expenditures and operating expenses, stock market volatility, general economic and business conditions in North America and globally, risks associated with liquidity and capital resource requirements, 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 also "Risks Factors" in the Company's Annual Information Form available on SEDAR at www.sedar.com. Those factors are not, and should not be construed as being exhaustive. 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