The directors and management of Strata-X Energy Ltd. provide an update on the Burkett 5-34 HOR well, located in Clay County, Illinois. Following the installation of additional production equipment on the 31st of October, 2014, the well continues to clean up and produce oil at higher rates. During the past 24 hours the well has produced at total of 310 barrels of oil. To date a total of 3,050 barrels of sweet high gravity oil have been produced and sold. Oil cuts as high as 40% have been observed however the oil cut has averaged 23% over the past 6 hours.
As previously announced an electrical submersible pump has been working to reduce the fluid level on the Lingle formation in order to draw the hydrostatic pressure down in the well to a point where the Lingle reservoir can produce oil more effectively. This process often takes time until the full results are known but the well is showing longer term improvement both in terms of total oil rate and oil cut (a percentage of oil to the overall fluid produced).