Strata-X Updates Vail Oil Project Completion Stimulation
(firmenpresse) - DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/21/13 -- The Directors and management of Strata-X Energy Ltd. ("Strata-X" or the "Company") (TSX VENTURE: SXE)(ASX: SXA) announce that after pumping approximately 25,000 pounds of sand in the first of seven stages of stimulation on the Burkett 5-34HOR well on the Vail Oil Project, the completion screened out. As a consequence, the well bore will need to be cleaned out before the multi-stage stimulation can continue. A workover rig will be mobilized to the site to commence a cleanout operation of the well. The Company anticipates that the completion stimulation can resume as early as the middle of December 2013.
Halliburton, which was engaged to conduct the completion stimulation on the Burkett 5-34 HOR well, has been released and is moving off location. The stimulation program cannot proceed until the bore is cleared by the workover rig and the data from the first stimulation stage is integrated into a new completion model to determine an optimal stimulation program.
Tim Hoops, Strata-X's CEO, commented, "Although we are disappointed with this delay to our stimulation program, the prospectivity of the area remains unchanged. At the same time, we are encouraged by the preliminary analysis which indicates that there is more natural fracturing present in the target reservoir than initially anticipated. This could potentially assist in the effective drainage of the reservoir."
Maverick Oil Project
On the Maverick Oil Project in Texas, the Company is pleased to announce that construction has begun on the drilling location. Service crews and equipment are being mobilized to the site in anticipation of drilling commencing on Strata-X's Cinco Saus Creek #1 well.
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 139,785,415 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) () 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."
CAUTIONARY STATEMENTS
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 . 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:
Strata-X Energy Ltd.
Tim Hoops (USA)
President
+1 855-463-2400
Strata-X Energy Ltd.
Colin Christensen (Canada)
Investor Relations
+1 403-483-8363
Strata-X Energy Ltd.
Duncan Cornish (Australia)
Corporate Secretary
+61 7 3212-6299
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 21.11.2013 - 23:30 Uhr
Sprache: Deutsch
News-ID 319405
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contact information:
Town:
DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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"Strata-X Updates Vail Oil Project Completion Stimulation"
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