Strata-X Energy Ltd. (TSXV: SXE) announced March 5 it signed an agreement with an undisclosed third party to acquire a producing horizontal well and 23,595 net acres of exploration leases adjacent to the its existing Vail Oil Project for $2.25 million.
Not including this acquisition, Strata-X has 100% net working interests in oil and gas exploration rights on 49,200 net acres covering the Vail Oil Project in the Illinois Basin. Upon completion, the Denver-based company will have 100% of 72,795 net acres in the Illinois Basin.
Strata-X will fund the acquisition with exisiting cash reserves. The acquisition is expected to close March 20.
Lease Sale 257 would be the first of 2021 and the eighth offshore sale of the current Outer Continental Shelf Oil and Gas Leasing Program.
The Houston-headquartered company said Nov. 5 that the Dorado play has an estimated net resource potential of 21 Tcf in 700 ft of stacked pay.
Check out the latest E&P highlights in the GoM.