Strata-X Successfully Executes Stimulation of First Horizontal Vail Well
May 15 2014 - 9:05AM
Marketwired
Strata-X Successfully Executes Stimulation of First Horizontal Vail
Well
DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH
COLUMBIA--(Marketwired - May 15, 2014) -
- 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.
About 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, 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."
CAUTIONARY STATEMENTS
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.
Strata-X Energy Ltd.Tim Hoops (USA)President+1
855-463-2400info@strata-x.comStrata-X Energy Ltd.Colin Christensen
(Canada)Investor Relations+1 403-483-8363colin@strata-x.comStrata-X
Energy Ltd.Duncan Cornish (Australia)Corporate Secretary+61 7
3212-6299dcornish@strata-x.comwww.strata-x.com
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