DENVER, CO and BRISBANE, AUSTRALIA and VANCOUVER, BC–(Marketwired – May 02, 2017) – The directors and management of Strata-X Energy Ltd. (“Strata-X” or the “Company”) (TSX VENTURE: SXE) (ASX: SXA) announce that the Company is disposing of a historical working interest in an oil and gas lease (“Lease”) located in Campbell County, Wyoming, USA. The Company has determined that the Lease is a non-core asset and plans to use available capital on advancing its core assets such as the Serowe CSG Project in the Republic of Botswana and the evaluation of new ventures.
The Company is entering into Assignments of Oil and Gas Lease Agreement (“Agreements”) with Officers of the Company, being the Company’s Chief Executive Officer, Tim Hoops and its Chief Financial Officer, David Hettich. The Officers will collectively acquire the Company’s rights to the Lease with the Company retaining a royalty interest in the Lease. As Mr. Hoops and Mr. Hettich are officers of the Company and are ‘related parties’ to the Company within the meaning of Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions (MI 61-101), the transaction, as it relates to Messrs. Hoops and Hettich is a ‘related party transaction’ within the meaning of MI 61-101.
The terms of the Assignment of Oil and Gas Lease Agreement are identical and no consideration will accrue to the Company as a result of the Assignment of Oil and Gas Lease Agreement (“Agreement”). By assigning out this non-core project to third parties, the Company will retain a net 2.5% royalty interest after payout in the Lease.
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 the States of California and Illinois in the United States of America and the Republic of Botswana. Strata-X has 89,825,208 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).
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements, which relate to future events or future performance, including but not limited to, the completion and size of the Placement, receipt of regulatory approvals and timing thereof, the Corporation’s business strategies and plans for the use of such Placement proceeds, capital expenditure programs and estimates relating to timing and costs, and reflect management’s current expectations and assumptions, including, but not limited to the timing and receipt of necessary regulatory approvals and third party approvals and completion of the Placement and stability of general economic and financial market conditions. 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 , including imprecision in estimate capital expenditures and operating expenses, stock market volatility, general economic and business conditions in North America and globally, risks associated with liquidity and capital resource requirements, 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 also “Risks Factors” in the Company’s Annual Information Form available on SEDAR at www.sedar.com. Those factors are not, and should not be construed as being exhaustive. 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.
For further information please contact:
Tim Hoops (USA)
President
+1 855-463-2400
[email protected]
