Stratex Announces Acquisition of "Double L" Prospect in North Dakota
WATERTOWN, CT -- (Marketwire) -- 09/19/12 -- Stratex Oil & Gas
Holdings, Inc. (OTCQB: STTX) ("Stratex") today announced the
acquisition of an interest in the "Double L" prospect in Billings
County, North Dakota through a $427,921 all cash transaction. The
gross acreage is 5,490.15 and the net acreage position is 62.852. The
acquired acreage includes 8 producing Bakken wells, 3 currently
drilling wells, and permitted Bakken well locations with several
additional possible permitted locations.
Listed below are the names and status of the wells:
Name Status Operator
BURIAN 1-27HCLR Producing Continental Resources, Inc.
EPSOM 1-31HCLR Producing Continental Resources, Inc.
KOSTELECKY 1-1HCLR Producing Continental Resources, Inc.
KUBAS 1-22HCLR Producing Continental Resources, Inc.
ELIZABETH ANN 1-32HCLR Producing Continental Resources, Inc.
PROCH 1-7HCLR Drilling Continental Resources, Inc.
CHARNWOOD 1-32HCLR Drilling Continental Resources, Inc.
METZ 1-33HCLR Permitted Continental Resources, Inc.
NARVIK 1-35HCLR Drilling Continental Resources, Inc.
KREHLIK 1-11HCLR Permitted Continental Resources, Inc.
ZALESKY 34-8PH Producing Whiting Oil and Gas Corp.
CYMBALUK 21-25TFH Producing Whiting Oil and Gas Corp.
CHRUSZCH 43X-29F Producing XTO Energy, Inc.
All of the acreage is non-operated with the operators being Whiting
Petroleum, XTO Energy and Continental Resources. Stephen Funk, CEO of
Stratex, added: "We are pleased to continue building our cash flow
through this acquisition. We will continue to acquire new acreage and
production through various means to continue executing on our
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About Stratex Oil & Gas Holdings, Inc.
Stratex is an independent energy company focused on the exploration,
acquisition, and production of crude oil in the Bakken and Three
Forks formations in North Dakota and Montana. Its oil and natural gas
operations are primarily concentrated in two Rocky Mountain basins,
the Williston Basin of North Dakota and Montana, and the Green River
Basin of Wyoming. Stratex's corporate strategy is to internally
identify prospects, acquire lands encompassing those prospects, and
evaluate those prospects using subsurface geology, geophysical data,
and exploratory drilling. Using this strategy, Stratex has developed
an oil portfolio of proven reserves, as well as development and
exploratory drilling opportunities on high potential oil prospects.
Stratex's core operating areas are the Williston Basin in North
Dakota and Montana, and the Denver-Julesburg Basin in Colorado. In
the Williston Basin, Stratex focuses on oil production from multiple
zones including the Bakken Shale and Three Forks Sanish Formations.
In the Denver-Julesberg Basin Stratex focuses on the Niobrara
Stratex engages geologists, petroleum engineers, and geophysicists
with years of relevant industry experience in the basins where the
Company operates. Stratex strives to retain operations on its lands
wherever possible in order to control the timing of the development
of its leasehold. For more information visit:
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 (the
"Act"). Additionally, words such as "seek," "intend," "believe,"
"plan," "estimate," "expect," "anticipate," "project" and other
similar expressions are forward-looking statements within the meaning
of the Act. Some or all of the events or results anticipated by these
forward-looking statements may not occur. Factors that could cause or
contribute to such differences include the ability of Stratex Oil &
Gas to attract customers for its services, and to continue developing
its oil & gas assets. Further information on Stratex's risk factors
is contained in its filings with the Securities and Exchange
Commission, including the Form 8-K filed July 12, 2012 (as amended
2012). Stratex Oil & Gas does not undertake any duty nor
does it intend to update the results of these forward-looking
Investor Relations Contact:
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