In addition to the recently sourced Serowe CSG Project, Strata-X...

In addition to the recently sourced Serowe CSG Project, Strata-X continues to focus on projects in areas where drilling and operational costs are low and margins are sufficient in the current energy market. The Illinois Basin still fits this model of low costs and good margins. Strata-X owns approximately 17,440 acres with 2P reserves of 1.282 million barrels net to Strata-X(1). The Company plans to restart efforts to bring projects forward in the Illinois Basin over the next year. Consistent with the above approach, the Company is continuously reviewing project opportunities that will be accretive and complimentary to management’s skillset and build shareholder value.
On the Serowe Gas Project where the Company farmed into approximately 273,000 acres in the Kalahari Basin and has the opportunity to achieve a 75% working interest in the Project, significant progress has been made to ensure the project is drill ready within the next 8 weeks. The Company established a Republic is Botswana operating subsidiary, Rhino CBM Pty Ltd. (100% owned) and is now the registered holder of the exploration permits after they were transferred to it from MPE. Rhino will be the operator of the Serowe CSG Project.
The Company is contracting with vendors and reviewing drilling proposals for its first cored well operation on the Serowe CSG Project. These operations should commence in the next 8 weeks, subject to rig availability. Surface access rights and other approvals for this operation have been acquired from the necessary authorities. After the results of the core hole have been evaluated, the Company intends on drilling, coring and production testing an additional well to evaluate the prospectively of the Serowe Gas Fairway.
For the quarter ended 31 March 2017, the Company invested ~C$6,000 in the Illinois Basin Oil Project, principally on lease and project maintenance and ~C$43,000 into the Serowe CSG Project mainly on farm-in expenses and acquiring various approvals for its entity Rhino CBM. The calendar year 2017 Serowe CSG Project budget is fully funded by the capital raise completed in December 2016.
The Company has plugged and abandoned the Cinco Saus Creek #1 well, which was related to the Maverick Oil Project, located in Maverick County, Texas. The Company also plans to plug and abandon the Rohweder #1- 11 well, located in Emmons County, North Dakota, in Spring 2017 as weather conditions permit, at an expected cost of ~$25,000.

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For the three months ended 31 March 2017, oil production to the Company’s net revenue interest was up 291% to 626 barrels (bbls) compared to 160 bbls for the three months ended 31 March 2016. The increase in oil production is attributable to Burkett 5-34HOR being productive during the period whereas it was offline for the comparative period. For each of the three month periods ended 31 March 2017 and 31 March 2016, no natural gas was sold.

Hardly worth pumping!! lol