|By Marketwired .||
|February 5, 2013 03:30 PM EST||
GOLDEN, COLORADO and VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/05/13 -- The directors and management of Strata-X Energy Ltd ("Strata-X" or the "Company") (TSX VENTURE:SXE) are pleased to provide an update on the Company's co-listing on the Australian Securities Exchange ("ASX") and to announce that its subsidiary company, Strata-X, Inc., has completed and closed a Transaction to purchase three producing oil and gas leases ("Transaction") in the State of Illinois, USA to further the development of the Vail Oil Project.
The acquired properties cover 160 gross acres and include a total of six wells, of which four are producing, one is shut-in and one is an active salt water disposal well. Strata-X, Inc. will be the operator of the properties. The total cost of the Transaction was $306,900 USD. Currently, the wells are producing approximately five barrels of oil per day. The leases and wells acquired in the Transaction will assist the Company in its exploration of the Vail Oil Project by providing increased well control in the area in which the Company intends to drill its first horizontal well, thereby reducing drilling risk. Strata-X interprets there is significant production potential remaining in this field and is planning to carry out modern enhanced production methods to extract this potential including the use of multistage hydraulic fracture completions. Strata-X is a first mover on the Vail Oil Project and in order for the Company to continue the low cost entry advantages of being first mover, it does not plan to reveal the exact location of the Vail Oil Project until a later date.
Further to the Company's press release dated December 21, 2012, the Company is moving forward with its co-listed Initial Public Offering of shares on the Australian Securities Exchange ("ASX"). The Offering was opened on January 7th, 2013 and is expected to close on February 8th, 2013. The Company anticipates February 20th, 2013 will be the first day the stock is traded on the ASX and will be traded under the ticker symbol "SXA". The Company's existing shares will continue to be traded on the TSX Venture Exchange under the symbol "SXE".
About the Vail Oil Project:
Strata-X is 'First Mover' on the Vail Oil Project
Strata-X completed an extensive in-house analysis of a highly productive onshore USA basin in 2012. The results of this technical work led to the identification of a potential unconventional continuous oil field in a dolomitic reservoir, referred to as the Vail Oil Project located in the State of Illinois, USA. It is interpreted to extend over an area of approximately 500 square miles. The project is located at depths between 3,500 and 5,000 feet.
The Company's in-house analysis covered 120 historic wells that intersected the dolomitic reservoir. Taken together with data on oil and gas recoveries from formation tests and reported oil shows in samples from the reservoir, this analysis supports Strata-X's interpretation that the reservoir is oil saturated. The dolomitic reservoir target of the Vail Oil Project is below the New Albany Shale, which is interpreted to have expelled in excess of 300 billion barrels of oil (Lewan, et al., 2002). To date, the basin has produced over 4 billion barrels of oil (Higley, et al., 2001), primarily from structures above the source rock where several studies have geochemically linked the oil produced from these reservoirs to the New Albany Shale (Hatch, et al., 1990).
Strata-X recognizes direct analogies between the Elm Coulee Oil Field, located in the Williston Basin, and the Vail Oil Project. According to the Montana Board of Oil & Gas Conservation website, Elm Coulee has produced over 138 million barrels of oil equivalent to date from a continuous, unconventional oil field from the Bakken dolomitic reservoir and is expected to ultimately produce over 200 million barrels of oil (Sonnenberg and Pramudito, 2009). The dolomitic reservoirs in both Vail and Elm Coulee are of the same geological age, have similar thickness and are immediately below highly generative source rocks.
Elm Coulee has about 5 million barrels of oil in place per section (Walker, et al., 2006), which compares favorably to Vail's interpreted 3 million barrels of oil in place per section at shallower depths. Strata-X interprets that the target 50,000 net acres at the Vail Oil Project contain over 230 million (undiscovered) barrels original oil in place.(i) (see Cautionary Statement below).
Oil was intersected in many historic wells at Elm Coulee but, like Vail, oil flows and recoveries were sub-commercial in the early vertical wells. More recent horizontal hydraulic fracturing treatments at Elm Coulee have resulted in commercial oil flows with July 2012 production from the field in excess of 33,000 barrels of oil equivalent per day (Montana Board of Oil & Gas Conservation website, accessed 9/19/12).
Strata-X commenced acquiring 100% net working interests in oil and gas exploration rights in two counties in the Illinois basin in early 2012 and to date has acquired an interest in 45,400 net acres.
About Strata-X Energy Ltd
Strata-X Energy Ltd and its wholly owned subsidiaries, Strata-X, Inc. and Strata-X Australia Pty Ltd, is an independent oil and gas exploration company listed on the TSX-V. Based in British Columbia, Canada, Strata-X has a portfolio of petroleum projects which provides a diversified collection of potential high growth opportunities for Shareholders. The Company's strategy and goals are to discover and develop oil and gas opportunities with relatively low entry costs, a meaningful acreage position and a large working interest which combine to create the potential for substantial growth for Shareholders.
Strata-X Energy currently owns or has rights to approximately 6,779km2 (1,675,160 net acres) in petroleum assets located in the USA and Australia. The Company is primarily targeting near term growth in conventional and unconventional oil resources in the USA. Longer term growth is offered in the Company's successful strategic application for 5,820 km2 (1,438,120 acres) in the Canning Basin, Western Australia. Strata-X Energy owns and operates 100% of the majority of its four key projects which provides the Company with flexibility in terms of timing and approach to exploration and any subsequent development of delineated oil and gas properties. The Company also has interests in several other petroleum projects in the USA.
Strata-X is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in Texas, North Dakota, California, Colorado, Illinois and Western Australia and production and development opportunities in California. Strata-X Energy Ltd has 63,737,105 shares outstanding.
Public documents for Strata-X Energy Ltd. in Canada can be found at SEDAR (www.sedar.com)
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." Further the Handbook 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."
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.
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 26, 2016 10:15 PM EDT Reads: 2,024
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 26, 2016 10:00 PM EDT Reads: 1,879
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 26, 2016 10:00 PM EDT Reads: 2,535
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
May. 26, 2016 09:30 PM EDT Reads: 2,997
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
May. 26, 2016 09:15 PM EDT Reads: 1,852
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 26, 2016 09:15 PM EDT Reads: 2,238
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 26, 2016 09:00 PM EDT Reads: 1,258
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 26, 2016 08:45 PM EDT Reads: 1,120
18th Cloud Expo, taking place June 7-9, 2016, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some...
May. 26, 2016 08:45 PM EDT Reads: 3,078
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 26, 2016 08:00 PM EDT Reads: 2,063
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 26, 2016 08:00 PM EDT Reads: 1,226
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 26, 2016 08:00 PM EDT Reads: 2,298
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
May. 26, 2016 08:00 PM EDT Reads: 2,113
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 26, 2016 07:15 PM EDT Reads: 997
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 26, 2016 07:00 PM EDT Reads: 1,341
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
May. 26, 2016 07:00 PM EDT Reads: 1,929
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
May. 26, 2016 06:00 PM EDT Reads: 1,758
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 26, 2016 04:30 PM EDT Reads: 1,867
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 26, 2016 04:15 PM EDT Reads: 2,182
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 26, 2016 04:15 PM EDT Reads: 2,754