Strata-X Energy Ltd., through its subsidiaries, acquires, explores for, and develops oil and gas properties in the United States and Africa. 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. The holds interest in the Illinois Basin oil project covering an area of approximately 10,401 net acres located in Illinois, the United States; and a 23.9% working interest the Eagle Oil project that covers an area of 3,221 gross acres of land located in California, the United States. It also has a farm-in agreement with Magnum Gas and Power to earn up to 75% of the Serowe gas project located on t...
1550 Larimer Street
Denver, CO 80202
Founded in 2007
Strata-X Energy Ltd. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Reports Production Results for the Six Months Ended December 31, 2017
Feb 13 18
Strata-X Energy Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company reported oil and gas revenue, net of royalties was USD 13,332 against USD 30,134 a year ago. Net operating loss was USD 157,156 against USD 284,258 a year ago. Loss for the period was USD 159,222 against USD 287,431 a year ago.
For the six months, the company reported oil and gas revenue, net of royalties was USD 21,048 against USD 104,026 a year ago. Net operating loss was USD 303,309 against USD 494,453 a year ago. Loss for the period was USD 307,011 against USD 496,771 a year ago. Basic and diluted loss per share was nil against USD 0.01 a year ago. Net cash used in operating activities was USD 354,338 against USD 402,466 a year ago. Exploration and evaluation asset expenditure was USD 48,081 against USD 31,000 a year ago. Property and equipment expenditure was USD 8,974 against USD 13,746 a year ago.
For the six months ended 31 December 2017, oil production to the company's net revenue interest was down 89% to 273 barrels (bbls) compared to 2,227 bbls for the six months ended 31 December 2016. The decrease in oil production is attributable to limited production on the Burkett 5-34HOR, which was offline for the majority of the quarter due to a reduction in wellbore fluid entry which complicates producing the well with the current downhole electric pump. The company is reviewing its pumping options for a long-term solution to the Burkett 5- 34HOR. For each of the three-month periods ended 31 December 2017 and 31 December 2016, no natural gas was sold. Oil sales for the six months ended 31 December 2017 were USD 12,778 compared to USD 101,338 for the six months ended 31 December 2016, a decrease of 87%. This decrease is attributed to lower production volumes. The average daily production for the company during the six months ended 31 December 2017 was 1.2 bbls of oil at an average realized sale price of USD 46.84 per barrel of oil.
Strata-X Energy Ltd., Annual General Meeting, Dec 19, 2017
Oct 12 17
Strata-X Energy Ltd., Annual General Meeting, Dec 19, 2017, at 10:00 US Mountain Standard Time. Location: 1624 Market St. Suite #302 Denver Colorado United States Agenda: To receive the consolidated financial statements of the Corporation for the year ended June 30, 2017, and the auditor's report thereon; to fix the number of directors to be elected at the Meeting for the upcoming year at six; to elect the directors for the year; to appoint the auditors of the Corporation and authorize the directors to fix their remuneration; to approve the Corporation's stock option plan for the purpose of ASX Listing Rule 7.2 exception 9(b) and for all other purposes; to approve the Corporation's ability to issue an additional 10% of the issued capital of the Corporation over a 12 month period pursuant to ASX Listing Rule 7.1A; to approve the issuance of stock options for Mr. Bohdan Romaniuk for the purpose of ASX Listing Rule 10.11 and for all other purposes;; and to transact such other business as may properly come before the Meeting or any adjournment of the Meeting.
Strata-X Energy Ltd. Auditor Raises 'Going Concern' Doubt
Sep 25 17
Strata-X Energy Ltd. filed its Annual on Sep 25, 2017 for the period ending Jun 30, 2017. In this report its auditor, Collins Barrow LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.