Strata-X to Raise $7 Million to Fund Oil Acquisitions

Strata-X Ltd. (TSXV:SXE) provided an update on its acquisition of both the Vail oil project and a shale oil project based in Texas, commenting that it plans to raise up to $7 million to finance the purchases going forward.

As quoted in the press release:

Leasing for oil and gas exploration rights on the first project, the Vail Oil Project, has so far yielded approximately 35,800 gross and 33,850 net acres towards a target of 50,000 acres. The Company has 100% direct working interest and operates the project.

Strata-X has also entered into a conditional agreement to acquire and operate 75% working interest of approximately 21,000 gross and 15,000 net acres over a shale oil project in Texas.

The Company is also pleased to announce a brokered private placement to raise up to $7,000,000 through the issuance of unsecured convertible debentures.

Click here to read the full Strata-X Ltd. (TSXV:SXE) press release.