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.
Recommended Reading
E&P Case Study: Inline Static Mixer Improves Chemical Results
The Tellerus inline static mixer cuts chemical costs by 40% to 80% and extends the life of protected equipment by, in some cases, more than a decade.
E&P Production: New Jet Pump Design Delivers Increased Reliability and Lower Cost of Ownership
Powered by surface pumps, a new pump design harnesses the momentum of one fluid to move another fluid.
Produced Water, Well Interference Challenge Growth In The Permian Basin
Service providers and operators innovate to ensure record production continues.