Stratex Begins Production From Its Second Runnels County Well
WATERTOWN, CT -- (Marketwired) -- 04/22/13 -- Stratex Oil & Gas Holdings, Inc. (STTX.OB) (OTCQB: STTX) ("Stratex") today announced that it has re-entered a previously shut in well, the Minzenmayer #3, the second re-entry on its Runnels County lease. Following an acid treatment, the Minzenmayer #3 has produced 49 barrels of barrels of oil over the last four days. Over the 24 hour period from 7:00 a.m. on Saturday, April 20th through 7:00 a.m. on Sunday, April 21st, the well produced 9 barrels of oil, 35 mcf of gas and approximately 200 barrels of water. Stratex plans to keep the pump speed at its current level until the morning of April 22nd at which time it will assess the fluid levels to determine whether or not to increase the pump speed. While there is no assurance that the well will be commercially viable, the initial results are encouraging.
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About Stratex Oil & Gas Holdings, Inc.
Stratex is an independent energy company focused on the exploration, acquisition, and production of crude oil in the Bakken and Three Forks formations in North Dakota and Montana. Its oil and natural gas operations are primarily concentrated in two Rocky Mountain basins, the Williston Basin of North Dakota and Montana, and the Green River Basin of Wyoming. Stratex's corporate strategy is to internally identify prospects, acquire lands encompassing those prospects, and evaluate those prospects using subsurface geology, geophysical data, and exploratory drilling. Using this strategy, Stratex has developed an oil portfolio of proven reserves, as well as development and exploratory drilling opportunities on high potential oil prospects.
Stratex's core operating areas are the Williston Basin in North Dakota and Montana, and the Denver-Julesburg Basin in Colorado. In the Williston Basin, Stratex focuses on oil production from multiple zones including the Bakken Shale and Three Forks Sanish Formations. In the Denver-Julesberg Basin Stratex focuses on the Niobrara Formations.
Stratex engages geologists, petroleum engineers, and geophysicists with years of relevant industry experience in the basins where the Company operates. Stratex strives to retain operations on its lands wherever possible in order to control the timing of the development of its leasehold. For more information visit: http://www.stratexoil.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate," "project" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the ability of Stratex Oil & Gas to attract customers for its services, and to continue developing its oil & gas assets. Further information on Stratex's risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 8-K filed in connection with the Merger. Stratex Oil & Gas does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Investor Contact: WSR Communication772-219-7525 (tel)IR@WSRCommunications.comhttp://wsrcommunications.ir.stockpr.com/stratex/overview
Source: Stratex Oil & Gas Holdings, Inc.