SXE Strata X Energy Ltd

Strata-X Ltd. ("Strata-X") (TSX VENTURE:SXE) announced today that the Slanovich
32-23P well, located in Fremont County, Colorado was plugged following hole
stability issues in the wellbore. The company intends to resume drilling in the
project at a later date following a detailed review of the data obtained from
this wellbore. 


The well was targeting the Pierre Formation at a depth of approximately 5,000
feet and was located within 2 miles of the Florence Field which has produced
approximately 15 million barrels of oil from the Pierre Formation. 


To view the photo associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/sxe-405.jpg. 


The Florence Field is a shale oil field that was discovered in the 1800s and is
the second oldest oil field in the United States. The Slanovich 32-23P well is
offsetting a well that was drilled by Mountain Petroleum in 2007 which
encountered numerous intervals of fractures and visible oil shows. That well did
establish minor oil production in a deeper horizon but was not able to test the
Pierre Formation in that wellbore due to significant lost circulation zones.  


Strata-X owns a 41.67% working interest and its partner, Beach Energy, owns the
remaining 52.33% working interest in the well together with approximately 3,300
acres.


Vallecitos Oil Project 

After encountering oil shows and interpreted oil pay, the 6-32 RD2 well in the
Vallecitos Project in San Benito County, California is being completed for
production testing. It is anticipated that testing will commence later this
month. Integrating the results of the 6-31RD2 well, the joint venture has
reprocessed the project's 3D seismic grid and is currently in the process of
updating the subsurface mapping of the area. Pending results of the production
testing and new mapping, it's anticipated that another appraisal well could be
drilled later in 2012.


Strata-X owns a 22.5% working interest in the Vallecitos project with the
remaining interest owned by private parties.


Strata-X is a Edmonton, Alberta and Golden, Colorado 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 and Western
Australia and production and development opportunities in California and Texas.
Strata-X has 42,585,656 common shares outstanding and trades under the symbol
SXE on the TSX.V.


Public documents for Strata-X Ltd. (formerly known as Ozcapital Ventures Inc.)
Can be found at SEDAR (www.Sedar.com).


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
are 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.

Strata X Energy (TSXV:SXE)
Historical Stock Chart
From Jun 2024 to Jul 2024

Strata X Energy (TSXV:SXE)
Historical Stock Chart
From Jul 2023 to Jul 2024