|By Marketwired .||
|June 26, 2014 07:30 PM EDT||
DENVER, COLORADO and BRISBANE, QUEENSLAND AUSTRALIA and VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/26/14 --
-- Gas shows encountered in the Niobrara formation after penetrating regional hydrocarbon seal. -- Approximately 80 feet of reservoir interpreted in the upper two intervals of the Niobrara. -- Currently running logs ahead of casing operations.
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 completed drilling operations on the Rohweder #1-11 well ("Well"), the Company's first proof of concept well on the Company's 120,000 net acre Sleeping Giant Gas Project. In drilling the vertical Well to a total depth of 1,450 feet, gas shows were encountered immediately after penetrating the regional hydrocarbon seal. In total, gas shows were encountered over an 80 foot interval of the targeted Niobrara formation, with gas shows peaking at approximately 300 units over a background of 25 units. In drilling portions of the targeted Niobrara formation, oil fluorescence and oil cut were also observed.
The Well is currently being logged in preparation for setting casing to total depth. After casing, the Well will be shut-in to await completion stimulation. This will allow the Company time to design an optimal method utilizing data obtained during the drilling of the Well. The Rohweder #1-11 well is the Company's first proof of concept well on the Sleeping Giant Gas Project where the Company has rights to approximately 120,000 net acres of exploratory leases. The Company maintains a 100% working interest in the Well. It is anticipated that three additional wells may be drilled on other large prospects mapped over the Sleeping Giant Gas Project later this year following successful production testing of this Well.
The Sleeping Giant Gas Project is targeting biogenic natural gas from the prolific Upper Cretaceous Niobrara formation in the Williston Basin, North Dakota. The Niobrara Formation is a significant petroleum system in the USA and has produced over 1 Tcf of natural gas from shallow accumulations including the project's geologic analogue, the Beecher Island field in the Denver-Julesburg Basin (Colorado, USA). To date, the Beecher Island field has produced over 101 Bcf(1) of natural gas and is expected to ultimately produce 157 Bcf(2) within an area spanning approximately 32 square miles. A field analysis done by Walt King(2) shows that reserves per well average 640,000 Mcf(2) on 160 acre spacing in the Beecher Island Gas Field. It is expected that the Sleeping Giant Gas Project could yield similar economic resources per well due to similar geologic conditions. The Rohweder #1-11 well is located in Emmon County, North Dakota.
More information on the Sleeping Giant Project and Rohweder #1-11 well can be found on the Company's website at www.Strata-X.com
(1) Colorado Oil and Gas Conservation Commission website, www.cogcc.state.co.us, production database accessed 12 June 2014.
(2) Report dated 18 May 2010 by Mr. Walt King, registered Colorado Petroleum Engineer, for the benefit of White Eagle Exploration, Inc. the seller of the Sleeping Giant Gas Project to Strata-X.
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, 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.
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