Strata-X Finalizes Purchase of Unconventional Oil Project

By Midnight Trader,  September 28, 2012, 03:23:45 PM EDT

Strata-X Ltd (SXE.V) announced the closing of an agreement to purchase exploration rights on the Maverick Oil Project which will target the Eagle Ford Shale formation in South Texas.

The Maverick Project is a new high potential oil development project for Strata-X and consists of up to a 75% working interest in approximately 21,000 gross and 11,800 net acres in Maverick County, Texas.

Under the terms of the transaction, Strata-X purchased a 57.5% working interest in the properties and holds an option to acquire a further 17.5% working interest which is expected to close in the fourth quarter of 2012.

The cost of the transaction was approximately $1.75 million of which $750,000 was paid through the issuance of 3,000,000 common shares at a deemed price of $0.25 per share.

SXE shares fell a penny to $0.32.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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