SOURCE: Stratex Oil & Gas Holdings, Inc.

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April 25, 2013 07:57 ET

Stratex Provides Update on Golden Valley

Stratex Currently Owns Leasehold Interests in 8,500 Gross and 6,300 Net Acres in Golden Valley, North Dakota

WATERTOWN, CT--(Marketwired - April 25, 2013) -  Stratex Oil & Gas Holdings, Inc. (OTCQB: STTX) ("Stratex") recently learned that several successful Red River formation wells have been drilled approximately 12 miles north of its leaseholds in Golden Valley. Whiting petroleum has drilled and/or permitted 10 additional wells in Golden Valley, North Dakota in the last several months. Additionally, Whiting Petroleum has applied to the North Dakota Industrial Commission to consider temporary spacing to develop two oil/gas pools discovered by previous wells in Golden Valley County, ND.

The two wells are the 44-24TFH Kjelstrup (SESE Section 24, T.142N., R.103W) and the Samuelson #23-32 (NESW of Section 32, T.142N., R.105W). Whiting has also applied to establish multiple spacing units in its acreage at Section 21, T.141N., R.104W in Golden Valley and authorize both horizontal and vertical wells at those locations.

The Northrup #1-25 (SWNW 25-136-106) Red River well, which is located on Stratex's leasehold in Golden Valley, North Dakota, produced 739,035 barrels of oil from the Red River formation before it was shut in by Amerada Hess Corp. in the 1980s.

Stratex is pleased that the Red River play is developing in Golden Valley, North Dakota and will continue to monitor the progression to maximize the value of its leasehold.

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About Stratex Oil & Gas Holdings, Inc.

Stratex is an independent energy company focused on the exploration, acquisition, and production of crude oil in the Bakken and Three Forks formations in North Dakota and Montana. Its oil and natural gas operations are primarily concentrated in two Rocky Mountain basins, the Williston Basin of North Dakota and Montana, and the Green River Basin of Wyoming. Stratex's corporate strategy is to internally identify prospects, acquire lands encompassing those prospects, and evaluate those prospects using subsurface geology, geophysical data, and exploratory drilling. Using this strategy, Stratex has developed an oil portfolio of proven reserves, as well as development and exploratory drilling opportunities on high potential oil prospects.

Stratex's core operating areas are the Williston Basin in North Dakota and Montana, and the Denver-Julesburg Basin in Colorado. In the Williston Basin, Stratex focuses on oil production from multiple zones including the Bakken Shale and Three Forks Sanish Formations. In the Denver-Julesberg Basin Stratex focuses on the Niobrara Formations.

Stratex engages geologists, petroleum engineers, and geophysicists with years of relevant industry experience in the basins where the Company operates. Stratex strives to retain operations on its lands wherever possible in order to control the timing of the development of its leasehold. For more information visit: http://www.stratexoil.com

Safe Harbor

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate," "project" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the ability of Stratex Oil & Gas to attract customers for its services, and to continue developing its oil & gas assets. Further information on Stratex's risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 8-K filed in connection with the Merger. Stratex Oil & Gas does not undertake any duty nor does it intend to update the results of these forward-looking statements.

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