Strata-X Ltd. Announces Oil Shows in Vallecitos Project Well San Benito County, California
December 01 2011 - 3:11PM
Marketwired
Strata-X Ltd. (Strata-X) (TSX VENTURE:SXE) through its wholly owned
subsidiary Strata-X, Inc. has been informed by the Vallecitos
Project operator (Patriot Resources, LLC) that the 6-31 RD2 stepout
well at Vallecitos field is in a mature producing area, located in
San Benito County, California has reached a total depth of 4,115
feet. The oil shows encountered while drilling the primary target,
Yokut sand, are consistent with what would be expected of a
productive oil reservoir in the area. Strata-X has a 22.5% working
interest and a 19% net revenue interest in the well and
project.
Following total depth being reached the drill pipe became stuck
in the hole due to swelling shales. After freeing the pipe,
subsequent attempts to enter the hole failed as the bottom 1,000
feet of the hole, which includes the potential oil zone, became
unusable and electric logs, used to estimate the extent of the oil
pay, could not be run. The Operator has recommended that the well
be sidetracked and new wellbore drilled through the interpreted oil
sands so electric logs can be run in advance of casing and
production testing. The sidetrack operations will begin within a
few days and are expected to take approximately 10 days to
complete.
Tim Hoops, Strata-X President, said: "While the loss of the
bottom of the hole is unfortunate we are very encouraged with the
oil shows in the Yokut target zone and believe much of the geologic
aspects of the prospect have been derisked. Our focus now is on
completing a successful sidetrack well in the Yokut reservoir."
Strata-X is a Edmonton, Alberta and Golden, Colorado based
company and is engaged in the business of oil and gas exploration
and development with a variety of exploration opportunities in
North Dakota, and production and development opportunities in
California and Texas. Strata-X has 42,308,156 common shares
outstanding and trades under the symbol SXE on the TSX.V
Public documents for Strata-X Ltd. (formerly known as Ozcapital
Ventures Inc.) Can be found at SEDAR (www.sedar.com)
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 August 30, 2011 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 Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Strata-X Ltd. Tim Hoops President 303-550-5582
Strata-X Ltd. Doug Walker Corporate Secretary
780-439-8995info@strata-X.com
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