|By Marketwired .||
|September 3, 2013 08:05 PM EDT||
DENVER, COLORADO and BRISBANE, AUSTRALIA and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/04/13 --
-- 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.
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.