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.
Williams said it reached an export agreement with Beacon Offshore and its co-owner for the Shenandoah deepwater oil field through its Discovery infrastructure in the central Gulf of Mexico.
Companies report drilling and well completions activity and pricing are edging higher.
Successful results from Ring Energy’s development program in the Permian Northwest Shelf are “encouraging and reinforce our confidence in the strong inventory of drilling locations on our NWS acreage,” says CEO Paul D. McKinney.