Strata-X Commences Operations on Sleeping Giant Gas Project
June 18 2014 - 9:25PM
Marketwired
Strata-X Commences Operations on Sleeping Giant Gas Project
DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH
COLUMBIA--(Marketwired - Jun 18, 2014) - Strata-X Energy Ltd.
(TSX-VENTURE:SXE)(ASX:SXA) -
- Drilling operations on the Rohweder #1-11 well anticipated to
start within a week.
- First test of Company's 120,000 net acre shallow gas
project.
- Release of the Sleeping Giant Primer Presentation
The directors and management of Strata-X Energy Ltd. ("Strata-X"
or the "Company") are pleased to announce that the Company started
operations on the vertical Rohweder #1-11 well located in Emmons
County, North Dakota, USA. Final location work is currently being
completed with the rig mobilization anticipated to begin on or
around June 20, 2014. The Rohweder #1-11 well is the Company's
first appraisal well in the Sleeping Giant Gas Project. Strata-X is
the operator of the well and retains a 100% working interest in it.
Overall, the Company has acquired exploration rights to 120,000
mostly contiguous net acres in the Sleeping Giant Gas Project.
The Sleeping Giant Gas Project is targeting biogenic natural gas
from the prolific Upper Cretaceous Niobrara formation in the
Williston Basin, North Dakota. The Niobrara Formation is a
significant petroleum system in the USA and has produced over 1 TCF
of natural gas from shallow accumulations including the project's
geologic analogue, the Beecher Island field in the Denver-Julesburg
Basin (Colorado, USA). To date, Beecher Island field has produced
over 101 Bcf(1) of natural gas and is expected to ultimately
produce 157 Bcf(2) within an area spanning approximately 32 square
miles. A field analysis done by Walt King(2) shows that reserves
per well average 650,000 Mcf(2) on 160 acre spacing in the Beecher
Island Gas Field. It is expected that the Sleeping Giant Gas
Project could yield similar economic resources per well due to
similar geologic conditions.
There has been relatively little drilling in the Sleeping Giant
Gas Project area to date, with most wells targeting the deeper
Cretaceous and Paleozoic targets. Sub-commercial natural gas has
been produced outside the mapped closure on the large structures in
the project area, with the crestal regions of the structures
remaining untested within the targeted zone. The Rohweder 1-11 well
will test the Beaver Creek Prospect structure, which is just one of
the 26 prospects and leads that have been identified in the
Sleeping Giant Gas Project.
The Company anticipates that drilling and casing operations on
the Rohweder #1-11 well will be completed by early next week.
Thereafter, information obtained during the drilling of the well
will be used to design and optimize a completion stimulation of the
well. The drilling permit for the Rohweder #1-11 well is one of
four permits granted to Strata-X by the North Dakota Industrial
Commission. The other drilling permits held by Strata-X on the
Sleeping Giant Gas Project are the Aberle #1-31 and Just #1-24
wells located in McIntosh County and the Hoff #1-32 well located in
Emmons County, North Dakota.
More information on the Sleeping Giant Project and Rohweder
#1-11 well can be found on the Company's website at
www.Strata-X.com
(1) Colorado Oil and Gas Conservation Commission website,
www.cogcc.state.co.us, production database accessed 12 June
2014.
(2) Report dated 18 May 2010 by Mr. Walt King, registered
Colorado Petroleum Engineer, for the benefit of White Eagle
Exploration, Inc. the seller of the Sleeping Giant Gas Project to
Strata-X.
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
139,785,415 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) (www.sedar.com) and ASX.com.au (Australia).
By definition of the COGE Handbook - "Undiscovered resources
are those quantities of oil and gas estimated on a given date to be
contained in accumulations yet to be discovered." The Handbook
further states - Caution (per NI 51-101/5.9(2)(v)(B)) - "There is
no certainty that any portion of the resources will be discovered.
If discovered, there is no certainty that it will be commercially
viable to produce any portion of the resources." In addition, per
NI 51-101/5.6 "the estimated values disclosed do not represent fair
market value."
CAUTIONARY STATEMENTS
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 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 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.
Strata-X Energy Ltd.Tim Hoops (USA)President+1
855-463-2400info@strata-x.comStrata-X Energy Ltd.Colin Christensen
(Canada)Investor Relations+1 403-483-8363colin@strata-x.comStrata-X
Energy Ltd.Duncan Cornish (Australia)Corporate Secretary+61 7
3212-6299dcornish@strata-x.comwww.Strata-X.com
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