|By Marketwired .||
|October 17, 2013 06:30 PM EDT||
DENVER, COLORADO and BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/17/13 --
-- Strata-X has engaged Halliburton for the completion stimulation of the Burkett 5-34HOR well, Vail Oil Project. -- Work is expected to start the week of November 18, 2013.
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 contracted with Halliburton to conduct the completion stimulation of the Burkett 5-34HOR well for the Vail Oil Project, which work the Company anticipates will begin the week of November 18, 2013.
Strata-X engaged Halliburton for the completion stimulation after conducting a detailed examination of the data gathered from the core of the targeted Devonian Lingle formation along with data collected during the drilling of the well and from the breakdown and pressure test conducted after the lateral liner was set. The Burkett 5-34HOR was drilled as a test of the Devonian Lingle formation and reached a total depth of 6,762 feet including a 1,824 foot lateral. During the drilling of the well in the targeted Devonian Lingle formation, oil and gas shows were encountered and oil was visible in the drilling mud.
Please refer to 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 48,300 net acres in the Vail Oil Project overall.
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.
Strata-X Energy Ltd.
Tim Hoops (USA)
Strata-X Energy Ltd.
Colin Christensen (Canada)
Strata-X Energy Ltd.
Duncan Cornish (Australia)
+61 7 3212-6299