Strata‐X Energy Ltd. provided an update on the Company's Vail Oil Project in the Illinois Basin, Illinois (USA) where Strata‐X currently has a 100 percent interest in 46,300 net acres. The Vail Oil Project is a high potential oil appraisal and development project with the first appraisal well due to commence in the second quarter of 2013.
Strata‐X anticipates advancing the development of the Vail Oil Project through the drilling of a horizontal appraisal well. The Company has submitted an application to drill a horizontal well to the proper regulatory agencies in the State of Illinois with (approximately) the following parameters: a true vertical depth of 4,500 feet, a true measured depth of 9,300 feet and a horizontal leg length of 4,300 feet. The Company is currently acquiring seismic data to help with the geo‐steering of the horizontal leg. The final completion method for this well will be based on information gathered from a core taken from the vertical portion of the well and the results of the well.
The Company's working interests are situated within an area interpreted as an unconventional continuous oil field in the Illinois Basin. Strata‐X plans to continue leasing additional prospective lands prior to and during the Vail Oil Project appraisal drilling program. Given the competitive leasing environment in the area, the Company will not release the location of its first horizontal well until after the permit to drill has been issued by the proper regulatory agencies.
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