Strata-X Releases Rig After Successfully Finishing First Horizontal Well in Vail Oil Project and Announces Additional Wells
September 03 2013 - 8:04PM
Marketwired Canada
-- Liner and 7-stage sliding sleeve completion system successfully
installed at the Burkett 5-34H well in preparation for stimulation and
production testing
-- Rig released on September 1
-- Permitting process underway for two new horizontal well locations in
Strata-X's 100% owned Vail Oil Project.
The directors and management of Strata-X Energy Ltd. ("Strata-X" or the
"Company") (TSX VENTURE:SXE)(ASX:SXA) are pleased to announce that upon reaching
a total depth of 6,762 feet in the Burkett 5-34HOR well, the Company
successfully set a liner through the 1,824 foot laterally drilled oil zone using
a 7-stage sliding sleeve completion system. On September 1, 2013 Strata-X
released Les Wilson, Inc's drilling rig #25 that was used to drill the Burkett
5-34HOR well.
The next stage is to conduct a breakdown and pressure test to obtain definitive
reservoir pressure data. This pressure data, together with rock mechanics data
derived from the core taken in the vertical stage, will be used to finalize the
design of the stimulation stage for the well planned for late October. Please
refer to Slide 16 of the Vail Project Primer found on the Company's website
(www.strata-x.com) which illustrates the current stage of the well and the
Company's plans for its stimulation and testing. The Company owns a 100% working
interest in the well and 48,000 net acres in the Vail Oil Project overall.
The Company is also pleased to announce that it has begun the permitting process
for two new horizontal well locations on its Vail Oil Project.
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 North Dakota, California, Colorado, Texas, Illinois
and Western Australia and production and development opportunities in
California. Strata-X has 123,912,453 common shares outstanding and trades under
the symbol "SXE" on the TSX-V and "SXA" on the ASX.
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).
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." The Handbook further 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."
CAUTIONARY STATEMENTS
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
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Strata-X Energy Ltd.
Tim Hoops (USA)
President
+1.855-463-2400
info@strata-x.com
Strata-X Energy Ltd.
Colin Christensen (Canada)
Investor Relations
+1.403-483-8363
colin@strata-x.com
Strata-X Energy Ltd.
Duncan Cornish (Australia)
Corporate Secretary
+61 7 3212-6299
dcornish@strata-x.com
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