January 18, 2017 7:49 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 the exploration, development, and production of oil and gas properties in United States and Western Australia. It primarily focuses on developing the Illinois Basin project that covers an area of 20,618 net acres; and Vertical Well project located in the United States. It also holds a 23.9% working interest in the Eagle Oil project located in California, the United States; and a 100% equity position in an area of the Canning Basin in Western Australia. 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 headquartered i...

1550 Larimer Street

Suite 263

Denver, CO 80202

United States

Founded in 2007

Key Executives for Strata-X Energy Ltd.

Chief Executive Officer, President, Managing Director and Executive Director
Age: 60
Total Annual Compensation: $113.0K
Chief Financial Officer
Total Annual Compensation: $105.2K
Compensation as of Fiscal Year 2016.

Strata-X Energy Ltd. Key Developments

Strata-X Energy Enter into Legally Binding Long Form Farm-In Agreement with Magnum Gas and Power Ltd

The directors and management of Strata-X Energy Ltd. announced the company has entered into a legally binding long form farm-in agreement with Magnum Gas and Power Ltd, cementing the company's rights to earn up to 75% of the Serowe CSG project located on the Kalahari Basin CSG Fairway in Botswana, Africa. The key terms of deal are as announced on November 14, 2016. The signing of the long form farm-in agreement was the last precondition to the settlement of the first tranche of the AUD 2 million capital raising being undertaken by Lead manager, Bizzell Capital Partners Pty Ltd. (BCP) as announced on November 14, 2016. Gross proceeds of AUD 435,000 have been raised in the first tranche of the capital raising via the placement of 8,700,000 CDIs (representing 8,700,000 common shares) at a price of AUD 0.05 per CDI to sophisticated investor clients of BCP utilizing the company's available placement capacity under the ASX Listing Rules (Tranche 1 Placement). The remainder of the placement to raise gross proceeds of up to AUD 1,565,000 is to be settled subject to shareholder approval at the December 9, 2016 AGM. For its Serowe CSG project, located in the Republic of Botswana, Strata-X is farming in to earn up to a 75% working interest in the project and has recently certified 1075 PJ of recoverable Prospective Resources, net to its interest. The company is currently completing desorption and related analysis of previously acquired coal cores as well as regional and detailed integration of all available data before commencing drilling operations. Two core well tests are planned in early 2017 over the farm-in tenements, with a contingent completion test pending the desorption analysis results of the cores collected from the two planned test wells.

Strata-X Energy Ltd. Enters into a Heads of Agreement with Magnum Gas and Power Ltd

The directors and management of Strata-X Energy Ltd. announced that it has entered into a heads of agreement with Magnum Gas and Power Ltd. for a staged farm-in to earn up to 75% of the Serowe CSG project located on the Kalahari Basin CSG Fairway in Botswana, Africa. Strata-X will operate the Project, which spans approximately 273,000 acres and has certified 1075 PJ of recoverable Prospective Resources. Strata-X has entered into a Heads of Agreement with Magnum containing the key commercial terms of the proposed farm-in. Legally binding long form agreements in respect of the farm-in to the Serowe CSG Project are expected to be finalized and entered into between the parties within the next 2 weeks. The proposed farm-in is in three stages and the Company has up to 3 years to complete all stages, with each stage earning the company a 25% working interest in the Serowe CSG Project. The first stage will begin in January of 2017 and will involve the desorption analysis of 3 CSG core wells as required for continued gas resource certification. In addition, one well will be completed and production tested. Stage 1 is a firm commitment and is estimated to cost AUD 1.1 million dollars. Stages 2 and 3 are optional and the decision to proceed to these stages will be based on the results of the prior stages. Stages 2 and 3 are estimated to costs approximately AUD 1.5 million and AUD 3.5 million, respectively depending on the success of new completion and production methods to be trialed. The final 25% working interest is earned when 100 PJ of 2P reserves are certified for the project, which is a sufficient quantity of gas for a Gas Sales Agreement (GSA) to supply a 50-megawatt government owned corporation power station, which may be located near the Serowe CSG Project.

Strata-X Energy Ltd. Enters into Farm-In Agreement with Magnum Gas and Power Ltd

The directors and management of Strata-X Energy Ltd. announced that it has entered into a heads of agreement with Magnum Gas and Power Ltd. for a staged farm-in to earn up to 75% of the Serowe CSG project located on the Kalahari Basin CSG Fairway in Botswana, Africa. Strata-X will operate the Project, which spans approximately 273,000 acres and has certified 1075 PJ of recoverable Prospective Resources. Legally binding long form agreements in respect of the farm-in to the Serowe CSG Project are expected to be finalized and entered into between the parties within the next 2 weeks. The proposed farm-in is in three stages and the Company has up to 3 years to complete all stages, with each stage earning the company a 25% working interest in the Serowe CSG Project. The first stage will begin in January of 2017 and will involve the desorption analysis of 3 CSG core wells as required for continued gas resource certification. In addition, one well will be completed and production tested. Stage 1 is a firm commitment and is estimated to cost AUD 1.1 million. Stages 2 and 3 are optional and the decision to proceed to these stages will be based on the results of the prior stages. Stages 2 and 3 are estimated to costs approximately AUD 1.5 million and AUD 3.5 million, respectively depending on the success of new completion and production methods to be trialed. The final 25% working interest is earned when 100 PJ of 2P reserves are certified for the project, which is a sufficient quantity of gas for a Gas Sales Agreement (GSA) to supply a 50-megawatt government owned corporation power station, which may be located near the Serowe CSG Project.

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