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Strata-X Ltd. (CVE:SXE) reported that its Vallecitos Project operator has started drilling the Paul Graham Drilling Rig #5 to the Rhino # 1 in San Benito County, California.
Strata-X Ltd. (TSXV:SXE) reported that its Vallecitos Project operator has started drilling the Paul Graham Drilling Rig #5 to the Rhino # 1 in San Benito County, California.
The press release is quoted as saying:
The Rhino #1 well is the first well to be drilled based on subsurface mapping carried out using the 20 square mile 3D seismic survey that was acquired by the company and its partners in 2010. The company has a 22.5% working interest in the well with an 18.9% net revenue interest. The well is located less than 1 mile from the F&I Field which has produced over 3.6 million barrels of oil from the Eocene Yokut Formation (as reported by Patriot Resources) from an average depth of 3,300 feet.
Click here to access the entire press release
