The Directors and management of Strata-X Energy Ltd. are pleased to announce that the Company started drilling operations on the Cinco Saus Creek #1 well late on December 27 and that it has released an investor presentation on the Maverick Oil Project. Cinco Saus Creek #1 is the Company's first appraisal well in the Maverick Oil Project. Strata-X is the operator of the well and retains an approximate 96.9% working interest in it. Overall, the Company has acquired exploration rights to 10,945 mostly contiguous net acres in the Maverick Oil Project.
The Cinco Saus Creek #1 well is permitted as a 4,400 foot vertical test of the targeted Eagle Ford shale in the Maverick Basin. In the Company's assessment, the thick hydrocarbon column within the Eagle Ford shale in and around the Maverick Basin requires a different approach to drilling and completion methods from those currently being utilized in deeper portions of the Eagle Ford shale trend.