The move signaled another retreat from climate change action after the Trump administration in March halted an effort to gather methane data from existing oil and gas operations to rein in leaks.
Many E&Ps are adding capex to complete wells and using new completion techniques in the Williston and Denver-Julesburg basins to improve profitability.
Strata-X now owns a 100% net working interest in oil and gas exploration rights on approximately 72,000 net acres covering the Vail and Copper Mountain Oil Projects in the Illinois Basin.
Excluding this transaction, Strata-X owns a 100% net working interest in oil and gas exploration rights on 49,200 net acres covering the Vail Oil Project in the Illinois Basin.
Upon completion, the Denver-based company will have 100% of 72,795 net acres in the Illinois Basin.
Halliburton have been contracted to conduct the completion stimulation of the Burkett 5-34HOR well for the Vail Oil Project in Illinois.
In drilling the vertical portion of the well, oil and gas shows were encountered in the targeted Devonian Lingle formation and a drill stem test of the target recovered gas and oil cut mud.
The company owns a 100% working interest in the well and 48,000 net acres in the project overall.
The Burkett 5-34HOR well is expected to test the Devonian Lingle formation, a dolomitic reservoir which lies directly below the hydrocarbon rich New Albany shale.