Denver-based Strata-X EnergyLtd. (Toronto Venture:SXE) have announced that the closing date for the company's planned acquisition of additional production and exploration assets in the Illinois Basin, has been set for March 24, 2014. On March 4, 2014, Strata-X signed a purchase and sale agreement with an undisclosed third party to acquire a producing horizontal well and approximately 23,595 net acres of exploration leases adjacent to the company's existing Vail Oil Project.
Total anticipated consideration for the Assets is USD$2.25 million, which Strata-X will fund with existing cash reserves. For competitive reasons, the company will not be providing further details about the assets and transaction until after the closing date.
Excluding this transaction, Strata-X owns a 100% net working interest in oil and gas exploration rights on 49,200 net acres covering the Vail Oil Project in the Illinois Basin.
Denver-based Resource Energy will pay about $75 million for certain of Samson's North Dakota and Montana properties in the Bakken Shale.
The new development project will transport gas from acreage being produced by Cabot Oil & Gas Corp.
A production test conducted with an electric submersible pump in the Guadalupe Formation resulted in a production rate of about 1,700 barrels of oil per day.