Strata-X Energy Ltd., together with its subsidiaries, engages in the exploration, development, and production of oil and gas properties in United States and Western Australia. Its flagship project is the Illinois Basin project that covers an area of 40,000 net acres located in the United States. The company was formerly known as Strata-X Ltd. and changed its name to Strata-X Energy Ltd. in October 2012. Strata-X Energy Ltd. was incorporated in 2007 and is based in Vancouver, Canada.
1624 Market Street
Denver, CO 80202
Founded in 2007
Strata-X Energy Ltd. Reports Audited Consolidated Earnings and Production Results for the Fourth Quarter and Year Ended June 30, 2015
Sep 15 15
Strata-X Energy Ltd. reported audited consolidated earnings and production results for the fourth quarter and year ended June 30, 2015. For the quarter, the company reported revenue of $82,184 against $114,483 for the same period a year ago. Net loss was $17,169,894 or $0.11 per basic and diluted share against $172,396 or $0.00 per basic and diluted share for the same period a year ago.
For the year, the company reported revenue of $953,999 against $200,080 for the same period a year ago. Net operating loss was $18,896,932 against $1,649,204 for the same period a year ago. Net loss was $1,410,055 or $0.12 per basic and diluted share against $1,410,055 or $0.01 per basic and diluted share for the same period a year ago. Net cash used in operating activities was $1,108,508 against $1,202,536 for the same period a year ago. Acquisition of exploration and evaluation assets was $3,345,893 against $8,919,560 for the same period a year ago. Acquisition of property and equipment was $1,254 against $1,789,783 for the same period a year ago.
For the quarter, oil production to the company's net revenue interest was up 38% to 1,620 barrels (Bbls) compared to 1,171 Bbls for the three months ended 30 June 2014. The increase in oil production is due to higher production from the Vallecitos Project, the Burkett 5-34HOR well and production from the Blessing 1-4H well (Illinois Project Horizontal Wells).
For the year, oil production to the company's net revenue interest was up 563% to 14,358 barrels (Bbls) compared to 2,164 Bbls for the twelve months ending 30 June 2014. The increase in oil production is attributed to higher production from the Vallecitos Project, the Burkett 5-34HOR starting production and production from the Blessing 1-4H well (Illinois Project Horizontal Wells).
Strata-X Energy Ltd. Auditor Raises 'Going Concern' Doubt
Sep 15 15
Strata-X Energy Ltd. filed its Annual on Sep 15, 2015 for the period ending Jun 30, 2015. In this report its auditor, Collins Barrow LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Strata-X Energy Ltd. Receives Drilling Update on Lingle Oil Project
Sep 3 15
Strata-X Energy Ltd. received notice from the drilling contractor, Webster Drilling, that they have begun mobilization of their drilling rig to the Kuhlig #1 location, the second well in the Company's Lingle Oil Project. The Kuhlig #1 vertical well is a 12 km step-out of the first completed Lingle horizontal well, Burkett 5-34, where peak production rates of 300 barrels of oil per day were achieved. It is anticipated the Kuhlig #1 well will be spudded following the USA Labor Day holiday on September 10, 2015 The Burkett 5-34 was a ‘Proof of Concept’ well that successfully proved the Lingle can be drilled and completed horizontally and is capable of commercial oil production. Although this first horizontal test accomplished many of the pre-drill targets, Strata-X expects even better results from the next horizontal well, which will be designed with twice the horizontal leg length and an improved completion method compared to the Burkett 5-34 well. Kuhlig #1 is an low cost, vertical well that will core and pressure test the Lingle to acquire important reservoir data required to design the proposed Raccoon Creek #1 horizontal well. A core will be taken from the bottom of the New Albany shale through the primary reservoir of the Lingle formation. Confirmation of oil saturation, reservoir thickness and porosity will be key data obtained. The pressure test will be instrumental in the design of future horizontal completion methods as Strata-X fine-tunes the approach to optimizing commercial oil production. The Kuhlig #1 is expected to intersect up to 16 feet of the Lingle reservoir, and to encounter higher initial reservoir pressure and oil saturations than the Burkett well. It will be drilled a short distance from a historical well that has log data indicating oil saturations in the reservoir. The subsequent Raccoon Creek #1 horizontal well will be drilled up-dip from the Kuhlig #1 location and toward the historical well. The drilling of Raccoon Creek #1 is tentatively scheduled for early 2016, subject to funding. Strata-X is investigating hybrid methods to fund future horizontal wells, which may include joint ventures. Strata-X's 100% ownership of the projects offers flexibility on the later funding options. The Lingle Oil Project is targeting light gravity sweet oil from the Devonian-aged Lingle Formation. Estimates of Petroleum Initially In Place under the Company's acreage is approximately 240 million barrels.1 It is expected that a recovery factor of at least 10% can be achieved in the Lingle Reservoir. ASX disclosure note - 5.28.2 – The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) 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.