Mr. Tim Hoops reports
STRATA-X WELL ENCOUNTERS OIL PAY ZONES FROM PRIMARY TARGETS
Strata-X Energy Ltd.'s first well in a multiwell drilling program in the Illinois basin, the Blue Spruce No. 1, has reached a total depth of 3,280 feet. During drilling, multiple oil and gas shows were encountered in the targeted shallow Mississippian formations. Preliminary wireline interpretation and mud log interpretation indicate approximately 18 feet of total oil pay in the Aux Vasse and McClosky formations, the primary target zones for the well. The company has elected to case the well with a 5.5-inch casing before releasing the drilling rig.
In January, 2015, the company intends to individually test the oil-bearing intervals encountered and subsequently test each zone to determine productive potential. Following the retendering of its field services, which is expected to yield cost reductions, the company plans to continue its shallow multiwell, low-risk, interpreted bypassed oil pay, vertical program in the Illinois basin with the goal to achieve self-sustaining and profitable production growth.
We seek Safe Harbor.
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