Strata-X Ltd.
TSX VENTURE : SXE

Strata-X Ltd.

March 06, 2012 16:49 ET

Strata-X Ltd. Announces First International Venture Awarded Permit in the Prospective Canning Basin, Western Australia

GOLDEN, COLORADO--(Marketwire - March 6, 2012) - Strata-X Ltd. ("Strata-X") (TSX VENTURE:SXE) is pleased to announce that the Western Australian government has conditionally awarded Strata-X 100% rights to explore approximately 1.4 million acres in the onshore Canning Basin in Western Australia. The award is conditional upon Strata-X complying with the Native Title Act of 1993 which is expected to take between 6 and 12 months. The Permit, L 11-3, was won in a highly competitive acreage release round, in the rapidly emerging petroleum province, based on a competitive work program.

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The Canning Basin has recently been a global hotspot for shale oil/gas exploration with the entry of ConocoPhillips and Mitsubishi through farm-in agreements. Until recently two junior Australian companies 'Buru Energy' and 'New Standard Energy' tightly held the majority of the exploration acreage within the Canning Basin. In June 2010, Buru Energy announced a $152.4 million dollar farm-in deal with Mitsubishi. In July 2011 New Standard Energy also announced a $109.5 million dollar farm-in deal with ConocoPhillips for work within the Canning Basin.

Strata-X believes the L 11-3 onshore Canning Basin block is prospective for both conventional and unconventional petroleum within the Carboniferous Laurel Formation, and prospective for unconventional petroleum in the deeper Devonian Goldwyer Formation. Recent oil and gas discoveries by Buru Energy within the Laurel Formation have particularly outlined the potential within this largely unexplored area of the Basin.

Buru Energy Limited, a public company listed on the Australian Stock Exchange, through news releases, have announced the following results within the Carboniferous Laurel Formation:

Yullero Field

3C/P10 173.3 mmboe unconventional wet gas

Ungani Oil Field

Conventional Discovery

20 mmbbls recoverable oil

Flow rates up to 1,000 bbls per day

Valhalla Discovery

1,300+ meters of gas shows

2+ TCF unconventional wet gas accumulation

http://www.buruenergy.com/web/Investor_Centre/ASX_Releases/2012/

To view the map associated with this press release, please visit the following link:

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The deeper Goldwyer Formation within the L11-3 block is also prospective for shale oil/gas. In 2011, the EIA (US Energy Information Administration) completed an assessment within 14 regions outside the United States in the World Shale Gas Resources Report; April 2011. The EIA focused on the potential of the Goldwyer Formation and calculated 229 TCF of technically recoverable resources within the basin.

Tim Hoops, Strata-X President, said: "The entry into Australia is an excellent opportunity for the company to draw on the strengths of the company's management. Strata-X Chairman, Ron Prefontaine, and I have extensive experience in Australian petroleum assets."

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 Western Australia and production and development opportunities in California and Texas. Strata-X has 42,563,156 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 (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.

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
    President
    303-550-5582
    info@strata-X.com

    Strata-X Ltd.
    Doug Walker
    Corporate Secretary
    780-439-8995