DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 10, 2014) - Strata-X Energy Ltd. ("Strata-X" or the "Company") (TSX VENTURE:SXE)(ASX:SXA) is pleased to announce the hiring of Dr. Ira Pasternack as Vice President of Exploration. Prior to joining Strata-X, Dr. Pasternack served as geotechnical team coordinator and an advisor for several petroleum companies including Amoco Production Company and Encana Oil and Gas (USA). Dr. Pasternack earned a BA in geology from Occidental College (Los Angeles) and MS and PhD degrees in geology from the Colorado School of Mines. Dr. Pasternack has evaluated conventional and unconventional petroleum systems for over thirty years. His experience ranges from wildcat exploration to detailed reservoir studies conducted to optimize field development programs.
Warrant Extension
The Company has applied to the TSX Venture Exchange (the "Exchange") for acceptance to amend the terms of an aggregate of 7,647,500 common share purchase warrants issued pursuant to a non-brokered private placement ("Private Placement") of Units ("Unit Warrants") and Convertible Notes ("Note Warrants") which closed in two tranches on June 29, 2012 and July 13, 2012. The Unit Warrants and Note Warrants are exercisable into common shares at an exercise price of $0.60 and $0.50, respectively. A total of 1,037,500 Unit Warrants and 6,060,000 Note Warrants will be amended by extending the expiry date to June 29, 2015. A total of 400,000 Unit Warrants and 150,000 Note Warrants will be amended by extending the expiry date to July 13, 2015. No warrants issued under the Private Placement have been exercised to date. The amendment to the terms of the Unit Warrants and Note Warrants is subject to Exchange approval and shareholder approval, as required by the ASX.
The Company will seek shareholder approval for the amendment to the warrants at its next meeting of shareholders. No warrants can be exercised during the period following the date on which they currently expire to the date on which shareholder approval is obtained.
About Strata-X
Strata-X is a Denver, Colorado (USA) based company and is engaged in the business of oil and gas exploration and development with a variety of exploration opportunities in North Dakota, California, Colorado, Texas, Illinois and Western Australia and production and development opportunities in California. Strata-X has 139,785,415 common shares outstanding and trades under the symbol "SXE" on the TSX-V and "SXA" on the ASX.
This announcement was made in Canada for the TSX.V and in Australia for the ASX.
Public documents for Strata-X Energy Ltd. can be found at SEDAR (Canada) (www.sedar.com) and ASX.com.au (Australia).
By definition of the COGE Handbook - "Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered." The Handbook further states - Caution (per NI 51-101/5.9(2)(v)(B)) - "There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources." In addition, per NI 51-101/5.6 "the estimated values disclosed do not represent fair market value."
CAUTIONARY STATEMENTS
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions is intended to identify forward-looking statements. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected and the forward-looking statements included in this news release should not be unduly relied upon. See "Risks and Uncertainties" in the Company's Filing Statement dated August 30, 2011 available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.