December 29, 2014 8:23 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 acquisition, exploration, and development of oil and gas properties in the Unites States and Australia. It primarily holds 100% interest in the Sleeping Giant gas project with 120,000 net acres located in Williston Basin, North Dakota; Canning oil and gas project with 1.4 million acres located in Laurel Shale, Western Australia; and the Vail oil project with 49,200 net acres located in the Illinois Basin, as well as 75% to 100% interest in the Maverick oil project with 10,777 acres located in the Eagle Ford Shale, Texas. The company was formerly known as Strata-X Ltd. and changed its name to Strata-X Energy Ltd. in October 2012...

1624 Market Street

Suite 300A

Denver, CO 80202

United States

Founded in 2007

5 Employees

Phone:

720-515-8793

Key Executives for Strata-X Energy Ltd.

Chief Executive Officer
Age: 58
Total Annual Compensation: $204.0K
Chief Financial Officer
Total Annual Compensation: $120.0K
Vice President of Exploration
Total Annual Compensation: $17.5K
Compensation as of Fiscal Year 2014.

Strata-X Energy Ltd. Key Developments

Strata-X Energy Ltd. Spuds First of its Vertical Wells in the Illinois Basin

Strata-X Energy Ltd. announced that it has begun drilling operations on the first of its planned vertical wells in its 100% owned Illinois Basin high margin oil project. Using Webster Drilling Inc. Rig #3 the company spudded the Blue Spruce #1 well on 17 December 2014 CMT. The well is expected to reach a total depth of 3,275 feet within a week. Assuming the well intersects oil pay, the plan is to case and suspend the well then test and complete the well for production early in 2015. In light of the lower oil price environment, Strata-X has commenced a re-tender program for all of its field services before continuing with the next wells in the program as it expects the prices for services to be reduced. The company has also commenced negotiations with landholders to reduce rental payments and extend lease terms. The company expects to reap substantial cost savings from these strategies. The goal is to continue to drill low risk, low cost wells targeting interpreted bypassed oil pay zones to achieve, self sustaining and profitable production growth.

Strata-X Energy Ltd. Provides Update on Vertical Well Exploration Program to Commence Illinois Basin Drilling

Strata-X Energy Ltd. provided update to the company's vertical well exploration program which will test multiple shallow Mississippian-aged reservoirs with interpreted oil pay in its 100%-owned Illinois Basin project. The company has to-date received regulatory approvals to drill three ~3,800-foot (1,160 metre)wells: the Blue Spruce #1, the White Fir #1 and the Douglas Fir #1. Strata-X has signed a multi-well drilling contract with Webster Drilling Inc. to drill multiple vertical wells starting in early December 2014 with the Blue Spruce #1 well. Assuming success of the initial vertical well program, the company anticipates implementing a self-sustaining, continuous, low-risk development program which offers the potential for it to have a predictable and substantial production growth profile over the next 12 months and beyond. With light sweet oil selling for approximately $75 per barrel, the company's netback is expected to be about $45 per barrel offering outstanding economic potential to Strata-X.(2) ASX disclosure note - 5.28.2 - The estimated quantities of petroleum that may potentially be recovered by the application of a future development project 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. The initial five well exploration program's objective is to demonstrate commercial production in direct offsets to historical wells with interpreted bypassed light sweet oil pay intervals. Assuming success, and with over 65 similar locations identified so far, the company anticipates implementing a self-sustaining, continuous, low-risk development program which offers the potential for Strata-X to have a predictable and substantial production growth profile over the next 12 months and beyond.

Strata-X Energy Ltd. Provides an Update on the Burkett 5-34 HOR Well, Located in Clay County, Illinois

The directors and management of Strata-X Energy Ltd. announced to provide an update on the Burkett 5-34 HOR well, located in Clay County, Illinois. As previously announced an electrical submersible pump has been working to reduce the fluid level on the Lingle formation in order to draw the hydrostatic pressure down in the well to a point where the Lingle reservoir can produce oil more effectively. This process often takes time until the full results are known but the well is showing improvement in both terms of total oil rate and oil cut (a percentage of oil to the overall fluid produced). Oil rates as high a 10 barrels per hour have been achieved and oil cuts up to 17% with total oil produced within a 24 period as high as 120 barrels. Both the oil rate and cut vary throughout the day but the overall trend is improving. With the increased oil rate the company have seen an increase in gas volumes and pressures thought to be associated with the increase in Lingle oil. It is still too early to tell what the peak production rate will be nor the ultimate recovery from this well. There is no assurance the well will continue to produce at this rate in the future. This increase in total oil rate and oil cut were achieved after the Company replaced the 1,000 bbl/d electric submersible pump originally put in the wellbore to a depth of approximately 3,250' with a larger pump capable of pumping up to 1,600 bbl/d. The replacement pump was set at a depth of approximately ~4,325'. Strata-X successfully completed the pump replacement workover on October 21, 2014.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
November 2, 2014
--
Merger/Acquisition
March 5, 2014
Additional 23,595 Net Acres for the Vail Oil Project and Horizontal Well
 

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