Strata-X Ltd.

Strata-X Ltd.

April 05, 2012 16:08 ET

Strata-X Ltd. Operational Update

GOLDEN, COLORADO--(Marketwire - April 5, 2012) - 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.

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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 (

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
    Corporate Secretary