Exploration & Production

Strata-X Plans Multi-Stage Frac at Well Targeting Eagle Ford, Buda

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   |    Monday,February 24,2014

Strata-X Ltd. has reported an update on its Maverick Oil Project in the Eagle Ford (10,945 net acres).

On December 27, 2013, Strata-X spudded the vertical Cinco Saus Creek #1 well which was designed to intersect and core the entire Eagle Ford shale and Buda formations. The 600 foot interval of the targeted formations was cored and production casing was set to a total depth of 4,220 feet.

The initial analysis of the 600 foot core of the Eagle Ford shale and Buda formations has identified several prospective oil bearing intervals, some of which have never been tested in the Strata-X project area. These prospective intervals will be stimulated and tested individually by the Company to determine the production potential of each individual zone tested.

The Company plans to start the multi-stage stimulation of targeted intervals in the Cinco Saus Creek #1 well with the deepest Buda formation and advance to additional intervals in the Eagle Ford shale located above the Buda. Strata-X is currently contracting for services to conduct the first stage stimulation of the Buda formation, which is anticipated to begin in early March. The Company expects that the full stimulation and long term production testing program on the Cinco Saus Creek #1 well will take several months.

Strata-X is the operator of the Cinco Saus Creek #1 well and retains an approximate 96.9% working interest in it. Strata-X's joint venture partner on the Maverick Oil Project elected not to participate on the Cinco Saus Creek #1 well. This election resulted in Strata-X acquiring an additional 3.1% working interest in the well, which interest is subject to a 300% payback penalty. Overall, the Company has acquired exploration rights to 10,945 mostly contiguous net acres in the Maverick Oil Project.