|By Marketwired .||
|February 23, 2014 05:30 PM EST||
DENVER, COLORADO and BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/23/14 --
-- Received drilling permits and executed drilling contract for the Sleeping Giant Gas Project. -- Engaging services for the multistage vertical stimulation of interpreted oil zones within the Cinco Saus Creek #1 well, Maverick Oil Project. -- Conducting approx. 6 miles of 2D seismic operations over the next appraisal location, Vail Oil Project. -- Company presenting at the ASX Spotlight Investor Conference, New York and London.
The directors and management of Strata-X Energy Ltd. ("Strata-X" or the "Company") (TSX VENTURE: SXE) (ASX: SXA) are pleased to provide an update on the exploration and appraisal programs for the Company's three key USA projects where Strata-X is the operator and majority interest owner.
Sleeping Giant Gas Project, Williston Basin, North Dakota - 100% of 145,000 acres
In December 2013, Strata-X was granted four drilling permits by the North Dakota Industrial Commission for appraisal wells on the Sleeping Giant Gas Project. The permits granted are for the Aberle #1-31 and Just #1-24 wells located in McIntosh County and the Hoff #1-32 and Rohweder #1-11 wells located in Emmons County, North Dakota. Further to this development, the Company executed a drilling contract with Major Drilling America, Inc. of Salt Lake City, Utah for the drilling of the first vertical appraisal well for the shallow unconventional Sleeping Giant Gas Project.
The Company anticipates drilling the first exploration well in the coming weeks using a conventional drilling rig. The well will be cased and stimulated to access the productive capabilities of the Niobrara Formation. Ultimately, the Company plans to use a coiled tubing rig to drill development wells on the project in order to reduce both development costs and the project's environmental footprint.
The Sleeping Giant project is located in North Dakota and is targeting natural gas resources trapped in the Niobrara Formation, a prolific producer of hydrocarbons throughout the Rocky Mountain Region. Strata-X has 100% of the exploration rights on 145,000 acres covering the Sleeping Giant Gas Project.
Maverick Oil Project, Eagle Ford, South Texas - 10,945 net acres
On December 27, 2013, Strata-X spudded the vertical Cinco Saus Creek #1 well which was designed to intersect and core the entire Eagle Ford shale and Buda formations. The 600 foot interval of the targeted formations was cored and production casing was set to a total depth of 4,220 feet.
The initial analysis of the 600 foot core of the Eagle Ford shale and Buda formations has identified several prospective oil bearing intervals, some of which have never been tested in the Strata-X project area. These prospective intervals will be stimulated and tested individually by the Company to determine the production potential of each individual zone tested.
The Company plans to start the multi-stage stimulation of targeted intervals in the Cinco Saus Creek #1 well with the deepest Buda formation and advance to additional intervals in the Eagle Ford shale located above the Buda. Strata-X is currently contracting for services to conduct the first stage stimulation of the Buda formation, which is anticipated to begin in early March. The Company expects that the full stimulation and long term production testing program on the Cinco Saus Creek #1 well will take several months.
Strata-X is the operator of the Cinco Saus Creek #1 well and retains an approximate 96.9% working interest in it. Strata-X's joint venture partner on the Maverick Oil Project elected not to participate on the Cinco Saus Creek #1 well. This election resulted in Strata-X acquiring an additional 3.1% working interest in the well, which interest is subject to a 300% payback penalty. Overall, the Company has acquired exploration rights to 10,945 mostly contiguous net acres in the Maverick Oil Project.
The Company has released an Investor Presentation on the Maverick Oil Project which can be found at www.strata-x.com.
Vail Oil Project, Illinois Basin - 100% of 49,200 net acres
Strata-X has completed the clean out of the wellbore of the Burkett 5-34HOR well following a "screen out" event on the first stimulation test. The Company now has a new stimulation design for the well and is working with Halliburton to schedule the revised multistage horizontal completion stimulation on the Burkett 5-34HOR which is expected to be finalized shortly.
In anticipation of further horizontal appraisal drilling on the Vail Oil Project in 2014, the Company is preparing to conduct 2D seismic operations in early March that will provide it with approximately 6 miles of seismic data over a proposed drilling location approximately 7 miles northwest of the existing Burkett 5-34HOR well. The data acquired will be owned by the Company and will assist with the geo-steering of the horizontal leg of the next appraisal well on the project.
Strata-X has acquired a 100% net working interest in oil and gas exploration rights on 49,200 net acres covering the Vail Oil Project in the Illinois Basin, USA. For additional details on this project, please refer to the Vail Project Presentation found on the Company's website at www.strata-x.com.
Other Strata-X Developments
The Company will be presenting at the ASX Spotlight Investor Conference to be held in New York, USA and London, England. Timothy Hoops, President and Managing Director of Strata-X, will give a presentation on the Company in New York on February 27 at 11:25 A.M. (local time) and in London on March 6 at 2:45 P.M (local time). More information on the ASX Spotlight can be found at www.asx.com.au/spotlight.
Strata-X is a Denver, Colorado (USA) based company and is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in North Dakota, California, Colorado, Texas, Illinois and Western Australia and production and development opportunities in California. Strata-X has 139,785,415 common shares outstanding and trades under the symbol "SXE" on the TSX-V and "SXA" on the ASX.
This announcement was made in Canada for the TSX.V and in Australia for the ASX.
Public documents for Strata-X Energy Ltd. can be found at SEDAR (Canada) (www.sedar.com) and ASX.com.au (Australia).
By definition of the COGE Handbook - "Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered." The Handbook further states - Caution (per NI 51-101/5.9(2)(v)(B)) - "There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources." In addition, per NI 51-101/5.6 "the estimated values disclosed do not represent fair market value."
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions is intended to identify forward-looking statements. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected and the forward-looking statements included in this news release should not be unduly relied upon. See "Risks and Uncertainties" in the Company's Filing Statement dated August 30, 2011 available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
May. 4, 2016 06:00 AM EDT Reads: 1,241
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
May. 4, 2016 05:30 AM EDT Reads: 362
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
May. 4, 2016 05:00 AM EDT Reads: 1,222
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
May. 4, 2016 04:45 AM EDT Reads: 1,323
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 4, 2016 03:30 AM EDT Reads: 1,158
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 4, 2016 03:00 AM EDT Reads: 798
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
May. 4, 2016 12:45 AM EDT Reads: 1,183
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
May. 3, 2016 11:45 PM EDT Reads: 1,023
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
May. 3, 2016 11:00 PM EDT Reads: 1,263
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
May. 3, 2016 10:00 PM EDT Reads: 1,349
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
May. 3, 2016 09:45 PM EDT Reads: 370
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 3, 2016 08:45 PM EDT Reads: 1,289
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
May. 3, 2016 08:45 PM EDT Reads: 990
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
May. 3, 2016 08:30 PM EDT Reads: 1,228