GOLDEN, COLORADO and VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 17, 2012) - The directors and management of Strata-X Energy Ltd. (TSX VENTURE:SXE) ("Strata-X" or the "Company") are pleased announce that the transaction to purchase an additional 17.50% working interest in the Maverick Oil Project has been completed.
Further to the Company's news release dated September 28, 2012, Strata-X purchased an additional 17.50% working interest in certain land rights in the Maverick Oil Project ("Project") for consideration totaling $532,000 USD. The Project is a new high potential oil development project and consists of a 75% working interest in approximately 21,000 gross and 11,800 net acres to the company in Maverick County, Texas. The Project is located within the Maverick Basin of Texas which, in turn, falls within the published boundaries of the Eagle Ford shale play. Strata-X is the operator of the properties.
Strata-X anticipates that the Maverick Project lies within the 'light oil' (high API gravity) window of the Eagle Ford play. Strata-X's acreage acquisition lies 26 miles west of a successful well drilled within the heavier oil window by Sanchez Energy, who in August announced that the Mark & Sandra #2H in Zavala County, Texas had a 24-hour initial production rate 931 boepd (96% oil) from a 5,476 foot, 19-multi stage stimulated horizontal well. Within Strata-X's Project area, the El Indio-1H well drilled by Jadela Oil (US) Operating, LLC in 2011 was a 2,800 foot, 6-stage gas-fracture stimulated horizontal well. Despite a less than optimum stimulation and testing program, the well flowed 175 bopd with 1.8 mmcfd of gas over a 12 day test period.
Strata-X is a Golden, Colorado 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 and Western Australia and production and development opportunities in California and Texas. Strata-X has 48,474,005 common shares outstanding and trades under the symbol SXE on the TSX.V
Public documents for Strata-X Ltd. can be found at SEDAR (www.sedar.com)
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 are 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.