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
Denver, CO 80202
Founded in 2007
Strata-X Energy Ltd. Reports Audited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended June 30, 2016
Sep 28 16
Strata-X Energy Ltd. reported audited consolidated earnings and production results for the fourth quarter and full year ended June 30, 2016. For the year, oil and gas revenue, net of royalties was AUD 134,243 against AUD 961,023 a year ago. Net operation loss was AUD 3,151,934 against AUD 13,739,337 a year ago. Loss for the year was AUD 2,441,739 against AUD 13,244,393 a year ago. Loss per common share – basic and diluted was AUD 0.01 against AUD 0.09 a year ago. Net cash used in operating activities was AUD 794,920 against AUD 1,524,069 a year ago. Exploration and evaluation asset expenditure was AUD 71,069 against AUD 2,382,877 a year ago. Property and equipment expenditure was AUD 536,554 against AUD 1,254 a year ago.
For the quarter, total net revenue was AUD 23,333 compared to AUD 89,207 for the three months ended 30 June 2015, a decrease of 74%. This decrease is attributable to lower production volumes and the continued drop in the price of crude oil.
For the quarter, oil production to the Company's net revenue interest was down 66% to 543 barrels (bbls) compared to 1,620 bbls for the three months ended 30 June 2015. The decrease in oil production is attributable to limited production on the Burkett 5-34HOR which was restarted in June 2016. For each of the three month periods ended 30 June 2016 and 30 June 2015, no natural gas was sold.
For the year, oil production to the Company's net revenue interest was down 78% to 3,110 bbls compared to 14,358 bbls for the twelve months ended 30 June 2015. The decrease in oil production is attributable to lower production on the Burkett 5-34HOR due to mechanical issues along with natural production decline. The Burkett 5-34HOR was substantively the only well on production for the Company during the period with the exception of insignificant production from minor vertical wells. For each of the twelve month periods ended 30 June 2016 and 30 June 2015, no natural gas was sold.
Strata-X Energy Ltd. Auditor Raises 'Going Concern' Doubt
Sep 28 16
Strata-X Energy Ltd. filed its Annual on Sep 28, 2016 for the period ending Jun 30, 2016. 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 Seeks Acquisitions
Jun 21 16
Strata-X Energy Ltd. (TSXV:SXE) is looking for acquisitions. Tim Hoops the Chief Executive Officer and his core team have been assessing oil production purchases that offer substantial upside potential. The Company is also looking to secure hybrid financing to fund any acquisitions.