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.
2022-09-29 - Chronic underinvestment will lead to a tighter oil market but most E&P executives see at least some investors returning to the oil and gas market, according to the latest survey by the Federal Reserve Bank of Dallas.
2022-09-30 - Biden has warned oil companies not to use the storm as a pretext to raise gasoline prices, which spiked earlier this year after Russia's invasion of Ukraine.
2022-09-14 - “In these times, profits must be shared and channeled to those who need it most,” European Commission President Ursula von der Leyen told the EU Parliament.
2022-09-20 - 56% of participants at Barclay's CEO Energy & Power Conference indicated they expect global oil inventories to be lower than OPEC+'s September 100,000-bbl/d output cut over the next 12 months.
2022-07-29 - "We are focused on reliably providing critical energy products, including transportation fuels, to meet peak summer demand," Phillips 66 CEO Mark Lashier commented in the company's second quarter 2022 earnings report.