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Strata-X Successfully Executes Stimulation of First Horizontal Vail Well
|By Marketwired .
|May 15, 2014 10:06 AM EDT
DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/15/14 --
-- Halliburton has successfully completed the stimulation of the 7 stages
of the Burkett 5-34HOR well.
-- Currently preparing the Well for production test.
The directors and management of Strata-X Energy Ltd. ("Strata-X" or the "Company") (TSX VENTURE: SXE)(ASX: SXA) are pleased to announce that the Company has successfully executed the completion stimulation of the Vail Oil Project's horizontal Burkett 5-34HOR well ("Well"). The completion simulation of the Well was carried out by Halliburton and consisted of the stimulation of all the Well's 6 unstimulated stages. Following the successful completion stimulation, Halliburton was released as the Company prepares for the production testing of the Well in the coming weeks.
The successful completion stimulation of the Well is the result of the Company's new design for completion following a detailed analysis of a prior completion attempt, the core acquired of the targeted formation, and information obtained in drilling the Well. This completion stimulation was delayed until now, allowing the Company to acquire and close the transaction for the adjacent, approximately 23,000-net-acre Copper Mountain Oil Project under reasonable economic terms from an undisclosed third party.
President and Managing Director Tim Hoops stated: "The completion stimulation of the Burkett well has taken a bit longer than anticipated while we expanded our project portfolio and increased our development emphasis on the Illinois Basin. We are pleased with the completion as we look forward to the production testing of this proof-of-concept well. The prior attempt in our estimation was an aberration and a mechanical issue not associated with geologic conditions. We look forward to the production testing over the coming weeks to determine the effectiveness of this stimulation."
In July 2013, Strata-X spudded the Burkett 5-34HOR well, the first Company test well of the Vail Oil Project. It was designed to be drilled in two stages. First, the Company drilled a vertical hole to the top of the target formation and then cored approximately 60 feet of the formation. The vertical portion of the well reached a total depth of 4,730 feet. Oil and gas shows were encountered in the targeted Devonian Lingle formation and a drill stem test of the target recovered gas- and oil-cut mud. Then the well was drilled to a total depth of 6,762 feet, with approximately 1,824 feet of lateral drilled. A 7-stage sliding sleeve completion system on a 4 1/2 inch liner was installed over the lateral portion of the well. While drilling the lateral portion of the well, oil and gas shows were encountered and live oil was visible in the drilling mud. Strata-X released the drilling rig at the beginning of September 2013.
For more information on the Company please review the 'May 2014 Update on Key USA Projects' available on the Company's website at www.strata-x.com.
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 www.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.
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