The directors and management of Strata‐X Energy Ltd (TSXV:SXE) are pleased to announce an update on the Company’s co‐listing on the Australian Securities Exchange and to divulge that its subsidiary company, Strata‐X, Inc., has completed and closed a Transaction to purchase three producing oil and gas leases in the State of Illinois, USA to push the development of the Vail Oil Project.
Highlights from the press release:
- The acquired properties cover 160 gross acres and include a total of six wells; four are producing, one is shut‐in and one is an active salt water disposal well
- Total cost of the Transaction was $306,900 USD.
- 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