Stratex Announces Acquisition of "Double L" Prospect in North
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 business plan."
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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 Formations.
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: http://www.stratexoil.com
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 July 13, 2012). Stratex Oil & Gas does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Investor Relations Contact:
Gerald Kieft WSR Communications 772-219-7525 (tel) IR@WSRcommunications.comhttp://wsrcommunications.ir.stockpr.com/stratex/overview