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.
Apache recently agreed to sell its Midcontinent positions in the Western Anadarko Basin and Scoop/Stack in separate transactions with two private-equity backed E&Ps.
Pioneer Natural Resources recently divested a small slice of its acreage position in the Midland Basin, which CEO Scott Sheffield said will be the lone survivor of the U.S. shale boom.
Switchback Energy, headed by former RSP Permian CFO Scott McNeill, intends to focus its search for an acquisition target on the energy industry in North America.