|By Marketwired .||
|August 14, 2013 07:30 PM EDT||
DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/14/13 -- The directors and management of Strata-X Energy Ltd. ("Strata-X" or the "Company") (TSX VENTURE:SXE)(ASX:SXA) are pleased to announce that the Company has completed drilling operations to the landing point of the Burkett 5-34HOR well for the Vail Oil Project at 4,984 feet measured depth. During the drilling of the curve on the horizontal well, oil and gas shows were encountered in the New Albany Shale formation in addition to encountering oil and gas shows in the targeted Devonian Lingle formation. Operations are currently being undertaken to set production casing to the landing point of the well after which the lateral portion of the well will be drilled in the targeted Lingle formation. The Company incurred a delay in reaching the landing point of the well due to technical complications kicking off the well from the vertical pilot hole and drilling rig issues, both of which have been resolved. The Company owns a 100% working interest in the well and in 48,000 net acres in the Vail Oil Project overall.
Further, the Company is pleased to announce its participation in the RIU Good Oil Conference which is being held September 3rd and 4th, 2013 in Freemantle, Western Australia. Timothy Hoops, President and Director Strata-X, will give a presentation on the Company on September 4th, 2013 at the afternoon session. The Good Oil Conference is one of the leading investment forums for junior explorers in Australia.
As previously announced (Press Release dated July 17, 2013) the Company has released an Investor Presentation on the Vail Oil Project which can be found www.strata-x.com.
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."
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.