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.
LLOG Exploration plans to bring eight wells online this year, including two at the Stonefly development in Viosca Knoll.
The Fort Worth, Texas-based independent reported June 24 average test rates of about 2,500 barrels of oil equivalents per day (boe/d) for its Horned Frog F #A1H and F #B1H in La Salle County, Texas.
Optionality and infrastructure are key onshore and offshore as operators bring down costs.