Strata-X Rohweder Well Encounters Oil and Gas Shows, Sleeping Giant Gas Project
27 June 2014 - 9:30AM
Marketwired
Strata-X Rohweder Well Encounters Oil and Gas Shows, Sleeping Giant
Gas Project
DENVER, COLORADO and BRISBANE, QUEENSLAND AUSTRALIA and
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 26, 2014) -
- Gas shows encountered in the Niobrara formation after
penetrating regional hydrocarbon seal.
- Approximately 80 feet of reservoir interpreted in the upper two
intervals of the Niobrara.
- Currently running logs ahead of casing operations.
The directors and management of Strata-X Energy Ltd. ("Strata-X"
or the "Company") (TSX-VENTURE:SXE)(ASX:SXA) are pleased to
announce that the Company has completed drilling operations on the
Rohweder #1-11 well ("Well"), the Company's first proof of concept
well on the Company's 120,000 net acre Sleeping Giant Gas Project.
In drilling the vertical Well to a total depth of 1,450 feet, gas
shows were encountered immediately after penetrating the regional
hydrocarbon seal. In total, gas shows were encountered over an 80
foot interval of the targeted Niobrara formation, with gas shows
peaking at approximately 300 units over a background of 25 units.
In drilling portions of the targeted Niobrara formation, oil
fluorescence and oil cut were also observed.
The Well is currently being logged in preparation for setting
casing to total depth. After casing, the Well will be shut-in to
await completion stimulation. This will allow the Company time to
design an optimal method utilizing data obtained during the
drilling of the Well. The Rohweder #1-11 well is the Company's
first proof of
concept well on the Sleeping Giant Gas Project where
the Company has rights to approximately 120,000 net acres of
exploratory leases. The Company maintains a 100% working interest
in the Well. It is anticipated that three additional wells may be
drilled on other large prospects mapped over the Sleeping Giant Gas
Project later this year following successful production testing of
this Well.
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, the 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 640,000 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. The Rohweder #1-11 well is located in
Emmon 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.com
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