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May 04, 2015 8:38 PM 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, President, Managing Director, Executive Director and Member of Remuneration Committee
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 Ltd. Reports Unaudited Consolidated Earnings Result for the Third Quarter and Nine Months Ended March 31, 2015

Strata-X Energy Ltd. reported unaudited consolidated earnings result for the third quarter and nine months ended March 31, 2015. For the quarter, the company reported net operating loss of $429,244 and net loss of $387,503 on oil and gas revenue of $101,464 against net operating loss of $347,269 and net loss of $367,101 on oil and gas revenue of $39,394 reported for the same period a year ago. For the nine months period, the company reported net operating loss of $1,690,319 and net loss of $1,277,492 or $0.01 per basic and diluted share on oil and gas revenue of $871,815 against net operating loss of $1,253,213 and net loss of $1,237,469 or $0.01 per basic and diluted share on oil and gas revenue of $85,596 reported for the same period a year ago. Net cash used in operating activities was $993,588 against $1,258,583 a year ago. Acquisition of exploration and evaluation assets was $2,676,940 against $7,619,564 a year ago. Acquisition of property and equipment was $1,254 against $1,202,796 a year ago.

Strata-X Energy Limited Provides an Update for the Blue Spruce Project

Strata-X Energy Limited provided an update for the Blue Spruce project. Strata-X's independent engineer, Chapman Petroleum Engineering Ltd. (Chapman), has confirmed Proved plus Probable Reserves are 1.282 million barrels of light oil net to the company. Strata-X currently has the rights to 720 net acres of the Blue Spruce project where it has identified 19 oil development locations. In a reserves report dated April 1, 2015, Chapman calculated a before tax Net Present Value (BTNPV disc 10%) of the Blue Spruce project to the Company of USD 53.4 million (After Tax NPV of USD 38.3 million, unrisked). To increase oil recovery and oil flow rates, the Blue Spruce project will require water pressure maintenance involving waterflooding of the Aux Vases formation. It is estimated that the waterflood development will extract approximately 40% of the Petroleum Initially In Place ("PIIP" unrisked) resulting in a projected recovery of 1.28 million barrels of oil net to Strata-X. The Company's first well in the oil field, Blue Spruce #1, has been successfully put on production and is expected to reach production rates of 40 BOPD once reservoir pressure has been restored in the field. Chapman estimates that once all wells are drilled, total oil production from the Blue Spruce waterflood development project will exceed 500 BOPD. Drilling of the second Blue Spruce oil field development well is anticipated to commence in May 2015. Past water flooding projects in the Aux Vases formation in areas immediately adjacent to the company's Blue Spruce Project have been successful. Previous yielded recoveries have been in excess of the forecasted 40% rate for Blue Spruce. Following waterflooding, tertiary recovery methods may also be considered by the company which could further increase the recovery of the PIIP and oil reserves from the Blue Spruce oil field.

Strata-X Energy Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2014

Strata-X Energy Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2014. For the quarter, the company reported oil and gas revenue of $507,041 against $31,459 a year ago. Net operating loss was $872,076 against $528,450 a year ago. Net loss was $831,293 against $34,962 a year ago. Net loss per common share, basic and diluted was $0.01 against $0.00 a year ago. For the six months, the company reported oil and gas revenue of $770,351 against $46,203 a year ago. Net operating loss was $1,261,075 against $906,136 a year ago. Net loss was $889,988 against $870,557 a year ago. Net loss per common share, basic and diluted was $0.01 against $0.01 a year ago. Net cash used in operating activities was $613,986 against $974,296 a year ago. Acquisition of exploration and evaluation assets was $2,317,646 against $4,490,634 a year ago. Acquisition of property and equipment was $1,216 against $2,797 a year ago.

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