January 29, 2015 7:35 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Strata-X Energy Ltd.

Company Overview

Strata-X Energy Ltd., together with its subsidiaries, engages in acquisition, exploration, and development of oil and gas properties in the Unites States and Australia. It primarily holds 100% interest in the Sleeping Giant gas project with 120,000 net acres located in Williston Basin, North Dakota; Canning oil and gas project with 1.4 million acres located in Laurel Shale, Western Australia; and the Vail oil project with 49,200 net acres located in the Illinois Basin, as well as 75% to 100% interest in the Maverick oil project with 10,777 acres located in the Eagle Ford Shale, Texas. The company was formerly known as Strata-X Ltd. and changed its name to Strata-X Energy Ltd. in October 2012...

1624 Market Street

Suite 300A

Denver, CO 80202

United States

Founded in 2007

5 Employees

Phone:

720-515-8793

Key Executives for Strata-X Energy Ltd.

Chief Executive Officer
Age: 58
Total Annual Compensation: $204.0K
Chief Financial Officer
Total Annual Compensation: $120.0K
Vice President of Exploration
Total Annual Compensation: $17.5K
Compensation as of Fiscal Year 2014.

Strata-X Energy Ltd. Key Developments

Strata X Energy Blue Spruce #1 Well Testing is on Track

Strata-X Energy Ltd. announced that the company has mobilized completion equipment to the location of the Blue Spruce #1 to test the productivity of the well. The completion testing is within the shallow Mississippian formation which includes four potential targeted economic zones with 33 feet of net pay (calculated) encountered during drilling. Depending on the productivity of the Blue Spruce #1, potentially up to 8 direct offset drilling locations are available on company leased lands. The completion testing of the Blue Spruce #1 should take approximately 10 days and the company anticipates placing the well on full production within 30 days of successful production testing. Following the re-tendering of its field services, which is expected to yield cost reductions, Strata-X plans to continue its shallow multi-well, low risk, high margin, interpreted bypassed oil pay, vertical program in the Illinois Basin with the goal of achieving prudent, self-sustaining and profitable production growth. Strata-X is focused on driving operational efficiency, reducing costs, prudently managing capital and ensuring that its balance sheet remains strong.

Strata-X Energy Ltd. Spuds First of its Vertical Wells in the Illinois Basin

Strata-X Energy Ltd. announced 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.

Strata-X Energy Ltd. Provides Update on Vertical Well Exploration Program to Commence Illinois Basin Drilling

Strata-X Energy Ltd. provided update to the company's vertical well exploration program which will test multiple shallow Mississippian-aged reservoirs with interpreted oil pay in its 100%-owned Illinois Basin project. The company has to-date received regulatory approvals to drill three ~3,800-foot (1,160 metre)wells: the Blue Spruce #1, the White Fir #1 and the Douglas Fir #1. Strata-X has signed a multi-well drilling contract with Webster Drilling Inc. to drill multiple vertical wells starting in early December 2014 with the Blue Spruce #1 well. Assuming success of the initial vertical well program, the company anticipates implementing a self-sustaining, continuous, low-risk development program which offers the potential for it to have a predictable and substantial production growth profile over the next 12 months and beyond. With light sweet oil selling for approximately $75 per barrel, the company's netback is expected to be about $45 per barrel offering outstanding economic potential to Strata-X.(2) ASX disclosure note - 5.28.2 - The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. The initial five well exploration program's objective is to demonstrate commercial production in direct offsets to historical wells with interpreted bypassed light sweet oil pay intervals. Assuming success, and with over 65 similar locations identified so far, the company anticipates implementing a self-sustaining, continuous, low-risk development program which offers the potential for Strata-X to have a predictable and substantial production growth profile over the next 12 months and beyond.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
November 2, 2014
--
Merger/Acquisition
March 5, 2014
Additional 23,595 Net Acres for the Vail Oil Project and Horizontal Well
 

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