Strata-X Energy Ltd.

Strata-X Energy Ltd.

January 19, 2015 17:45 ET

Strata-X Energy Blue Spruce #1 Well Testing on Track




  • Completion equipment mobilized to test Blue Spruce #1 well.
  • Four potential economic zones identified with 33 feet of calculated net pay.[1]
  • 8 direct offset drilling targets available on Company leasehold.
  • ~30 day lead time to commence full production.

Strata-X Energy Ltd. ("Strata-X" or the "Company") (TSX VENTURE:SXE)(ASX:SXA) announces that the Company has mobilized completion equipment to the location of the Blue Spruce #1 to test the productivity of the well. The completion testing is within the shallow Mississippian formation which includes four potential targeted economic zones with 33 feet of net pay (calculated) encountered during drilling. Depending on the productivity of the Blue Spruce #1, potentially up to 8 direct offset drilling locations are available on Company leased lands. The completion testing of the Blue Spruce #1 should take approximately 10 days and the Company anticipates placing the well on full production within 30 days of successful production testing.

Following the re-tendering of its field services, which is expected to yield cost reductions, Strata-X plans to continue its shallow multi-well, low risk, high margin, interpreted bypassed oil pay, vertical program in the Illinois Basin with the goal of achieving prudent, self-sustaining and profitable production growth. Strata-X is focused on driving operational efficiency, reducing costs, prudently managing capital and ensuring that its balance sheet remains strong.

[1] Net pay is the thickness of rock that can deliver hydrocarbons to the well bore on a profitable basis.

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, Texas, Illinois and Western Australia and production and development opportunities in California. Strata-X has 156,584,977 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) ( and (Australia).


This news release contains forward-looking statements, which relate to future events or future performance, including but not limited to, the completion and size of the Placement, receipt of regulatory approvals and timing thereof, the Corporation's business strategies and plans for the use of such Placement proceeds, capital expenditure programs and estimates relating to timing and costs, and reflect management's current expectations and assumptions, including, but not limited to the timing and receipt of necessary regulatory approvals and third party approvals and completion of the Placement and stability of general economic and financial market conditions. 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, including imprecision in estimate capital expenditures and operating expenses, stock market volatility, general economic and business conditions in North America and globally, risks associated with liquidity and capital resource requirements, 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 also "Risks Factors" in the Company's Annual Information Form dated September 25, 2014 available on SEDAR at Those factors are not, and should not be construed as being exhaustive. 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.

Contact Information

  • Strata-X Energy Ltd
    Tim Hoops (USA)
    +1 855-463-2400

    Strata-X Energy Ltd
    Colin Christensen (Canada)
    Investor Relations
    +1 403-483-8363

    Strata-X Energy Ltd
    Julia Maguire (Australia)
    Investor Relations
    +61 419 815 386