Strata-X Ltd.

Strata-X Ltd.

September 28, 2011 14:04 ET

Strata-X Ltd. Announces Commencement of Drilling Operations in Vallecitos Project San Benito County, California

GOLDEN, COLORADO--(Marketwire - Sept. 28, 2011) - Strata-X Ltd. (the company) (TSX VENTURE:SXE) through its wholly owned subsidiary Strata-X, Inc. has been informed by the Vallecitos Project operator (Patriot Resources) that the Paul Graham Drilling Rig #5 has been mobilized to the Rhino # 1 location in San Benito County, California and has begun drilling operations. The Rhino #1 well is the first well to be drilled based on subsurface mapping carried out using the 20 square mile 3D seismic survey that was acquired by the company and its partners in 2010. The company has a 22.5% working interest in the well with an 18.9% net revenue interest. The well is located less than 1 mile from the F&I Field which has produced over 3.6 million barrels of oil from the Eocene Yokut Formation (as reported by Patriot Resources) from an average depth of 3,300 feet.

The Rhino well is targeting two intervals of Yokut sands as well as other secondary targets. The operator has estimated the P50 reserves potential of this prospect to be approximately 6.3 million barrels if both target sands are economically productive. The well has been permitted to a depth of 9,000 feet in order to test the entire prospective intervals and is estimated to take 23 days to drill and evaluate. The operator has budgeted an estimated $1.4 million to drill to casing point with the company's share being $313,000.

This is the first drilling location selected to test for hydrocarbons in traps interpreted using modern 3D seismic in the Vallecitos Project. Further, the information gained from this well will be valuable to help identify other opportunities within the 21,000 acre Vallecitos project.

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, and production and development opportunities in California and Texas.. Strata-X has 42,308,156 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 (

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 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 Ltd.
    Tim Hoops

    Strata-X Ltd.
    Doug Walker
    Company Secretary