It is going to taken another couple of wells, in several different directions but there is a distinct possibility that the state of Illinois only licensed frac oil and gas operator is Strata-X Energy is on the cusp of discovering a smaller Bakken like oil and gas resource in Wayne County, Illinois.
Get Ready, get ready real estate prices, hotels and motels, small regional banks and enterprises. What has happened in North Dakota macro may very well happen in micro in Illinois.
Since the Illinois wells are comparatively small, there is time to observe and wait before common share entry.
Thanks to The Great Stockhouse
Strata-X Energy Ltd.: Blue Spruce #1 Completed for Oil Production
V.SXE | 3 days ago
DENVER, COLORADO and BRISBANE, AUSTRALIA and VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 9, 2015) - The directors and management of Strata-X Energy Ltd. ("Strata-X" or the "Company") (TSX VENTURE:SXE)(ASX:SXA) announce that further to the Company's press release dated February 2, 2015, after successfully testing two oil zones in the Blue Spruce #1 well on the Illinois Shallow Oil Project, the well has been set up for production in the Aux Vases formation. The testing consisted of individually perforating and swabbing 3 of the 4 interpreted oil zones starting with the bottom zone and continuing to the top zone. The Company has determined that 2 of the 3 tested zones, the Middle McClosky and Aux Vases, the main targets of the well, are expected to be commercially productive.
The successful stimulation of the Aux Vases formation late last week resulted in 10 barrels of fluid entry per hour with a 25% cut of light oil. Following installation of long-term production facilities, the oil cut is expected to increase as the water pumped into the formation during the stimulation is recovered.(1)
Production tubing, rods and a downhole pump were placed in the hole to individually produce the Aux Vases formation. At a later date, pending the near-term productivity evaluation of the Aux Vases formation, the Company may elect to comingle the Aux Vases production with the Middle McClosky formation in the well.
Pending positive commercial oil flow results, the Company intends to drill offsetting production wells during 2015. Permitting is underway and the next well is planned for March 2015.
The area has experienced a warmer than normal winter resulting in muddy ground conditions. The installation of facilities required for long-term production may be delayed until conditions improve.
Read more at www.stockhouse.com/news/press-releases/2...
I have a position of approx. 10,000 shares in Strata-X.