Strata-X Energy Ltd. announced that the transaction to purchase an additional 17.50 percent working interest in the Maverick Oil Project has been completed.
Further to the Company's news release dated Sept. 28, 2012, Strata-X purchased an additional 17.50 percent working interest in certain land rights in the Maverick Oil Project for consideration totaling $532,000. The Project is a new high potential oil development project and consists of a 75 percent working interest in approximately 21,000 gross and 11,800 net acres to the company in Maverick County, Texas. The Project is located within the Maverick Basin of Texas which, in turn, falls within the published boundaries of the Eagle Ford shale play. Strata-X is the operator of the properties.
Strata-X anticipates that the Maverick Project lies within the 'light oil' (high API gravity) window of the Eagle Ford play. Strata-X's acreage acquisition lies 26 miles west of a successful well drilled within the heavier oil window by Sanchez Energy, who in August announced that the Mark & Sandra #2H in Zavala County, Texas had a 24-hour initial production rate 931 barrels of oil equivalent per day (96 percent oil) from a 5,476 foot, 19-multi stage stimulated horizontal well. Within Strata-X's Project area, the El Indio-1H well drilled by Jadela Oil (US) Operating, LLC in 2011 was a 2,800 foot, 6-stage gas-fracture stimulated horizontal well. Despite a less than optimum stimulation and testing program, the well flowed 175 barrels of oil per day with 1.8 million cubic feet of gas per day over a 12 day test period.
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