Stratex Oil & Gas Holdings, Inc. has entered into a Joint Development Agreement (JDA), dated as of April 11, 2014, by and among the Company, Quadrant Resources LLC, (Quadrant), and Eagleford Energy, Zavala Inc. (EEZ). Pursuant to the JDA, Quadrant has agreed, at its sole cost and expense, to drill 3 wells and to rework 5 wells to test the San Miguel formation (the "Phase I Work Program") on an oil and gas lease covering 2,629 acres in Zavala County, Texas (the "Matthews Lease"). Presently, each of Stratex and EEZ has the rights to an undivided 50% working interest in the Lease.
Quadrant's principals have extensive experience and success drilling and completing medium to heavy oil resources on a global basis. The focus of the JDA will be the commencement of primary San Miguel oil production from a known oil interval underlying the Little Tom Field, situated on the Matthews Lease.