Welcome!

News Feed Item

Stratex Oil & Gas Holdings, Inc. Amends Eagle Ford Shale Joint Development Agreement

HOUSTON, TX--(Marketwired - January 27, 2014) - Stratex Oil & Gas Holdings, Inc. (OTCQB: STTX) ("Stratex" or "the Company") announced today that it had amended its Joint Development Agreement ("JDA") previously entered into on December 3, 2013 with Eagleford Energy, Inc., an Ontario, Canada corporation ("Eagleford"), and its wholly-owned subsidiary, Eagleford Energy, Zavala Inc., a Nevada corporation ("Eagleford Zavala"). On January 24, 2014, the Company, Eagleford and Eagleford Zavala entered into an amendment to the original Agreement (the "First Amendment"), pursuant to which Eagleford Zavala, in exchange for certain commitments made by Stratex, accelerated the grant to Stratex certain undivided interests in its oil and gas lease dated September 1, 2013 covering approximately 2,629 acres in Zavala County, Texas (the "Lease"). 

Under the terms of the Lease, the Primary Term is currently set to expire on February 28, 2014, but may be extended until March 31, 2014, provided that Eagleford Zavala (the lessee) delivers written notice to the lessors and makes a payment of $30,000 on or prior to February 23, 2014. The Lease also requires that, prior to the expiration of the Primary Term, Stratex shall perform either (i) the hydraulic fracturing (the "frac") of the Matthews #1H well or (ii) the spudding of a new well with a targeted depth in a formation capable of producing hydrocarbons. As a result of this requirement, Stratex has committed to perform either the frac of the Matthews #1H or the spudding of a new well on or prior to March 31, 2014. Upon doing so, the Lease will continue thereafter to be held in full force and effect. In return for this commitment, Eagleford Zavala assigned to the Company, an immediate 50% undivided working interest in, and the exclusive right to operate and develop, the entire 2,629 acres covered by the Lease. In the event the frac of the Matthews #1H or the spudding of a new well is not performed by the dates set forth above, then the Lease and the Company's working interest therein, will be null and void. Subsequent to the execution of the First Amendment, Stratex contracted Baker Hughes, Inc. to commence the frac and subsequent completion of the Matthews #1H on February 16, 2014.

As previously highlighted in our press release dated December 10, 2013, the Matthews #1H was originally drilled to a total measured vertical depth ("TVD") of 8,500 feet, of which more than 5,100 feet was vertical depth into the Buda formation, which sits directly below the Eagle Ford Shale. The well was then whipstocked at the top of the Austin Chalk, directly above the Eagle Ford Shale, and drilled with an 800 foot curve into the Eagle Ford Shale. Subsequently, a 3,300 foot lateral through the Eagle Ford was drilled in order to more efficiently exploit the reservoir. A Baker Hughes shot point sleeve was then installed to protect the wellbore and accommodate a multi-stage frac.

The Matthews #1H was extensively logged, and 36 sidewall cores were taken from 4 formations, including (in descending order) the San Miguel, Austin Chalk, Eagle Ford Shale, and Buda. The logs were subsequently interpreted by Weatherford International, Ltd., and the sidewall cores were analyzed by Core Laboratories and Weatherford. 

Ryder Scott Company, LP utilized the information, as well as other data, to prepare an evaluation of the recoverable contingent resources associated with the discovered petroleum initially in place in the Eagle Ford Shale. According to the Ryder Scott report, "Contingent Resources" on the Lease (on an 8/8s basis) range between $72.4 million (based upon 3.7 million recoverable barrels of oil) and $199.4 million (12.4 million recoverable barrels of oil). Ryder Scott's "Best Estimate" totals $122.6 million (6.9 million recoverable barrels of oil).

The Lease is also highly prospective for other locally prolific zones, including the Austin Chalk and Buda, as well as the San Miguel (heavy oil). Local operators in the Eagle Ford Shale are successfully exploiting oil in place utilizing horizontal drilling and multi-stage hydraulic fracs on 60 to 80 acre spacing units. On this basis, up to 42 horizontal drilling locations in the Eagle Ford formation alone, 14 horizontal locations for the Austin Chalk, and 32 horizontal locations for the Buda have also been mapped, with additional locations possible. In addition, there is significant heavy oil in place in the San Miguel formation. Stratex is considering various enhanced recovery methodologies, which could include waterflood or steam injection. 

Stratex also announced the opening of a corporate office located at Two Allen Center (1200 Smith Street), Houston, Texas 77002, in order to more efficiently direct and administer its current operations in south and central Texas. 

Stephen Funk, Chairman and CEO, stated, "We are quite pleased to commence operations on our highly prolific lease in Zavala County, Texas, beginning with the upcoming frac and completion of the Matthews #1H well. The Company expects it will then be in a solid position to aggressively continue to exploit all known productive horizons on our property, as highlighted by the Ryder Scott report. In the future, we will also consider drilling deeper pools, which management feels could add meaningful value for our stakeholders. Stratex continues to review opportunistic acquisitions, which could add considerable incremental value to the Company's shares."

To receive timely information on Stratex Oil & Gas Holdings' when it hits the newswire, sign up for Stratex's email news alert system at: http://ir.stockpr.com/stratex/email-alerts

About Stratex Oil & Gas Holdings, Inc.

Stratex is an independent energy company focused on the exploration, acquisition, and production of crude oil in the Bakken and Three Forks formations in North Dakota and Montana. Its oil and natural gas operations are primarily concentrated in two Rocky Mountain basins, the Williston Basin of North Dakota and Montana. Stratex's corporate strategy is to internally identify prospects, acquire lands encompassing those prospects, and evaluate those prospects using subsurface geology and geophysical data. Using this strategy, Stratex has developed an oil portfolio of proven reserves, as well as development opportunities on high potential oil prospects.

Stratex's core operating areas are the Williston Basin in North Dakota and Montana, and the Denver-Julesburg Basin in Colorado. In the Williston Basin, Stratex focuses on oil production from multiple zones including the Bakken Shale and Three Forks Sanish Formations. In the Denver-Julesberg Basin Stratex focuses on the Niobrara and Codell Formations.

Stratex engages geologists, petroleum engineers, and geophysicists with years of relevant industry experience in the basins where the Company operates. Stratex strives to retain operations on its lands wherever possible in order to control the timing of the development of its leasehold. For more information visit: http://www.stratexoil.com

Safe Harbor

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" "project" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward- looking statements may not occur. Factors that could cause or contribute to such differences include the ability of Stratex Oil & Gas to attract customers for its services, and to continue developing its oil & gas assets. Further information on Stratex's risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 8-K filed in connection with the Merger. Stratex Oil & Gas does not undertake any duty nor does it intend to update the results of these forward-looking statements.

Investor Contact:

WSR Communications, Inc.
772-219-7525 (tel)
[email protected]
http://wsrcommunications.ir.stockpr.com/stratex/overview

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.