Strata-X Updates On Three Key USA Projects
Denver, CO and Brisbane Australia and Vancouver, BC (Marketwired) -
- Construction completed at site of first Maverick Oil Project well.
- Drilling rig mobilization scheduled for late December.
- Vail well multi-stage horizontal stimulation planned for January 2014.
The Directors and management of Strata-X Energy Ltd. ("Strata-X" or the "Company") (TSX VENTURE:SXE)(ASX:SXA) are pleased to provide the following operational updates on its three key USA projects.
Maverick Oil Project
The Company is pleased to announce it has begun to mobilize services and equipment to the recently constructed site of the permitted Cinco Saus Creek #1 well on the Maverick Oil Project in Texas. The mobilization is in anticipation of Unison Drilling, Inc. of Devine, Texas, delivering its rig #11 to the site on or about December 26, 2013, after which drilling operations will commence.
The Cinco Saus Creek #1 is permitted as a vertical test of the targeted Eagle Ford shale in the Maverick Basin. In the Company's assessment, the thick hydrocarbon column within the Eagle Ford shale in and around the Maverick Basin requires a different approach to drilling and completion methods from those currently being utilized in deeper portions of the Eagle Ford shale trend. As such, Strata-X anticipates coring approximately 600 feet of the targeted Eagle Ford shale and Buda formations to better analyze this hydrocarbon column. The information gained from the analysis of the core and well logging is expected to assist the Company in designing the most efficient completion method for the well. A completion stimulation of the Cinco Saus Creek #1 well is anticipated near the end of the first quarter of 2014.
Strata-X is the operator of the Cinco Saus Creek #1 and retains an approximate 96.9% working interest in the well. To date, the Company has acquired 10,945 mostly contiguous acres net for the Maverick Oil Project.
Vail Oil Project
As announced on November 21, 2013, Strata-X is advancing its efforts to clean out the wellbore of the Burkett 5-34HOR following a "screen out" event during a completion stimulation attempt by the Company. Following the screen out, Strata-X contracted a coil tubing work-over rig to clean out the wellbore. The technical capabilities of the coil tubing rig, however, were insufficient to complete the operation and a standard work-over rig is being dispatched to the well. Due to recent inclement weather in the area, the dispatched work-over rig is delayed and is not expected to be on location until the week of December 16. As a result, the Company has pushed out the schedule for Halliburton to conduct another multi-stage completion stimulation of the well to January 2014.
Sleeping Giant Gas Project
The Company is waiting on final approval on the four drilling permits that have been filed with the State of North Dakota. A drilling company has been sourced to drill these wells however a mobilization date has not been scheduled.
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 139,785,415 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."
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.
SOURCE: Strata-X Energy Ltd.