Strata-X Hires V.P. of Exploration and Applies for Warrant Extension
June 10 2014 - 7:30PM
Marketwired
Strata-X Hires V.P. of Exploration and Applies for Warrant
Extension
DENVER, COLORADO and BRISBANE, QUEENSLAND and VANCOUVER, BRITISH
COLUMBIA--(Marketwired - Jun 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.
Strata-X Energy Ltd.Tim Hoops (USA)President+1
855-463-2400info@strata-x.comStrata-X Energy Ltd.Colin Christensen
(Canada)Investor Relations+1 403-483-8363colin@strata-x.comStrata-X
Energy Ltd.Duncan Cornish (Australia)Corporate Secretary+61 7
3212-6299dcornish@strata-x.comwww.strata-x.com
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