Strata-X Executes Agreement to Increase Its Illinois Basin Assets
05 Março 2014 - 7:00PM
Marketwired
Strata-X Executes Agreement to Increase Its Illinois Basin Assets
DENVER, COLORADO and BRISBANE, AUSTRALIA and VANCOUVER, BRITISH
COLUMBIA--(Marketwired - Mar 5, 2014) -
- Strata-X signs Purchase and Sale Agreement to acquire an
additional 23,595 net acres for the Vail Oil Project plus a
producing horizontal well.
- On completion of the transaction, Strata-X will have 100% of
72,795 net acres in the light oil prospective area of the Illinois
Basin.
- Total consideration to be paid by the Company for the
acquisition is approximately USD$2.25 Million.
- Transaction is anticipated to close on or before March 20,
2014.
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 signed a Purchase and Sale Agreement with an undisclosed third
party ("Seller") to acquire a producing horizontal well and
approximately 23,595 net acres of exploration leases (the "Assets")
adjacent to the Company's existing Vail Oil Project
("Transaction").
The Purchase and
Sale Agreement, which is subject to a number of conditions the
Company anticipates meeting, including completion of the Company's
due diligence on the Assets to be acquired, is expected to close no
later than March 20, 2014 ("Closing Date").
Total anticipated
consideration for the Assets is USD$2.25 Million, which Strata-X
will fund with existing cash reserves. For competitive reasons, the
Company will not be providing further details about the Assets and
Transaction until after the anticipated Closing Date.
Strata-X, before
accounting for this Transaction, has acquired a 100% net working
interest in oil and gas exploration rights on 49,200 net acres
covering the Vail Oil Project in the Illinois Basin, USA. For
additional details on this project, please refer to the Vail
Project Presentation found on the Company's website at
www.strata-x.com.
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, Colorado,
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.Duncan Cornish (Australia)Corporate
Secretary+61 7 3212-6299dcornish@strata-x.comStrata-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.comwww.strata-x.com
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