DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/18/14 -- Strata-X Energy Ltd. ("Strata-X" or the "Company") (TSX VENTURE: SXE)(ASX: SXA) announces that it has begun drilling operations on the first of its planned vertical wells in its 100% owned Illinois Basin high margin oil project. Using Webster Drilling, Inc. Rig #3 the Company spudded the Blue Spruce #1 well on 17 December 2014 CMT. The well is expected to reach a total depth of 3,275 feet within a week. Assuming the well intersects oil pay, the plan is to case and suspend the well then test and complete the well for production early in 2015.
In light of the lower oil price environment, Strata-X has commenced a re-tender program for all of its field services before continuing with the next wells in the program as it expects the prices for services to be reduced. The Company has also commenced negotiations with landholders to reduce rental payments and extend lease terms. The Company expects to reap substantial cost savings from these strategies. The goal is to continue to drill low risk, low cost wells targeting interpreted bypassed oil pay zones to achieve, self sustaining and profitable production growth.
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, Texas, Illinois and Western Australia and production and development opportunities in California. Strata-X has 156,584,977 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).
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements, which relate to future events or future performance, including but not limited to, the completion and size of the Placement, receipt of regulatory approvals and timing thereof, the Corporation's business strategies and plans for the use of such Placement proceeds, capital expenditure programs and estimates relating to timing and costs, and reflect management's current expectations and assumptions, including, but not limited to the timing and receipt of necessary regulatory approvals and third party approvals and completion of the Placement and stability of general economic and financial market conditions. 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, including imprecision in estimate capital expenditures and operating expenses, stock market volatility, general economic and business conditions in North America and globally, risks associated with liquidity and capital resource requirements, 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 also "Risks Factors" in the Company's Annual Information Form dated September 25, 2014 available on SEDAR at www.sedar.com. Those factors are not, and should not be construed as being exhaustive. 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.
Contacts:
Tim Hoops (USA)
President
+1 855-463-2400
info@strata-x.com
Colin Christensen
Investor Relations (Canada)
+1 403-483-8363
colin@strata-x.com
Julia Maguire
Investor Relations (Australia)
+61 419 815 386
julia@strata-x.com
