July 25, 2017 7:48 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 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: 61
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 Ltd. Announces Significant Progress Achieved at Serowe Project

Strata-X Energy Ltd. announced an update on the Serowe Coal Seam Gas Project in Botswana. The Company has farmed into approximately 273,000 acres in the Kalahari Basin CSG Fairway and has the opportunity to achieve a 75% working interest in the project, which has an estimated 1.045 Tcf (1075PJ) of recoverable Prospective Resources net to the company's interest. 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. Rhino CBM Pty Ltd. (100% owned) has been established and is now the registered holder of the exploration permits after they were transferred to it from MPE. Rhino will be the operator of the Serowe Coal Seam Gas Project. Coring and other services have been secured and a drilling contract is expected to be executed within 2 weeks. It is anticipated that operations to core approximately 150 meters will commence on the NWB-352-1-W005 core hole within the next 8 weeks, subject to rig availability. The core will be handled and analyzed by Weatherford Labs. Surface Access Rights have been approved for the upcoming coring operations and other subsequent work. All other government approvals and notices have been obtained or are expected shortly. The NWB-352-1-W005 core hole is a condition of the Phase 1 farm-in with MPE and is fully funded. After the results of the core hole have been evaluated, the Company intends on drilling, coring and production testing an additional well to evaluate the prospectivity of the Serowe Gas Fairway.

Strata-X Energy Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Production and Earnings Results Six Months Ended December 31, 2016

Strata-X Energy Ltd. reported unaudited consolidated earnings results for second quarter and six months ended December 31, 2016. For the quarter, the company’s oil and gas revenue, net of royalties was $30,134 against $31,251 a year ago. Net operating loss was $284,258 against $909,377 a year ago. Net loss was $287,431 or $0.00 per share against $831,293 or $0.01 per share a year ago. For the six months, the company’s oil and gas revenue, net of royalties was $104,026 against $177,704 a year ago. Net operating loss was $494,453 against $1,288,633 a year ago. Net loss was $496,771 against $1,146,726 a year ago. Basic and diluted net loss per common share was $0.01 against $0.02 a year ago. Net cash used in operating activities was $402,466 against $547,025 a year ago. Property and equipment expenditures were $13,746 against $554,968 a year ago. For the six months ended December 31, 2016, oil production to the company's net revenue interest was down 12.1% to 2,430 barrels (bbls) compared to 2,766 bbls for the six months ended December 31, 2015. The decrease in oil production is attributed to lower production from the Burkett 5-34HOR due to mechanical issues along with natural production decline. For each of the six month periods ended December 31, 2016 and December 31, 2015, no natural gas was sold.

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.

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Recent Private Companies Transactions

May 2, 2017
Strata-X Energy Ltd., Working Interest in Oil and Gas leases in Campbell County Wyoming

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