– USA, CO – Strata-X Energy Ltd. (TSX-V:SXE | ASX:SXA) today announced that 40-year petroleum veteran, Ron Prefontaine, has accepted the position of Executive Chairman of Strata-X. His primary focus will be to direct the commercialization of Strata-X’s 100% owned Botswana CSG project. His previous role with Strata-X was as the Non-Executive Chairman.
Ron Prefontaine, Strata-X’s Chairman, issued the following statement: “I plan to combine the knowledge gained from the CSG successes with Arrow Energy and Bow Energy and the latest CSG methods to drive Strata-X’s Botswana CSG project to commercialization. The results of our first well recently drilled in the Company’s high graded area of the Botswana CSG Fairway exceeded our expectations with high to 100% gas saturation, associated free gas and permeability – all prime ingredients for a commercial CSG project. Importantly, we plan to prove the gas can be developed using inexpensive vertical drilling and completion methods. Approximately 1.7 TCF of potential gas resource has been certified over Strata-X’s high graded acreage. I will be working with our talented team and reserve certifier to design and implement an optimal appraisal and testing program with the goal to fast track conversion of these resources to reserves.”
About Ron Prefontaine
Ron is a geophysicist and previously was Executive/Managing director of startup ASX listed resource companies Arrow Energy and Bow Energy which were sold for a combined $5 billion in 2010 and 2011 respectively. He has agreed to not take a salary or cash fee for his new executive role but instead, subject to shareholder approval at the next AGM, he will receive up to 6.0 million CDI shares in Strata-X upon the Company achieving four material milestones, thereby directly aligning 100% of his remuneration with the success of the Company. The material milestones include achieving commercial gas flows, reserves for a foundation CSG project, gas sales contract and initial gas sales which are important milestones required to commercialize the 100% owned Strata-X Botswana CSG project.
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 89,538,318 common shares outstanding and trades under the symbol “SXE” on the TSX-V and “SXA” on the ASX.
For more information: http://www.strata-x.com
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