Stratex Oil & Gas, Eagleford Energy Form JV In Texas

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Description

Formed a JV to explore and develop oil and gas resources on the 2,629 acre Matthews Lease in Zavala County.

Eagleford Energy Inc. (OTC: EFRDF) announced Dec. 9 that it had entered into a joint development agreement with Stratex Oil and Gas Holdings Inc. (OTC: STTX) to facilitate the exploration and development of the oil and gas resources within and underlying the Matthews Lease, a 2629 acre tract of land in Zavala County, Texas.

According to the agreement, Stratex has agreed to complete, or cause to be completed, the hydraulic fracturing of the Matthews #1H well, and to pay all future costs associated therewith by March 31.

Eagleford originally drilled the Matthews #1H in October 2010. Stratex intends to initiate the fracture stimulation and completion of the well, at an estimated cost of up to $2 million. Stratex will pay 100% of those costs, in return for a 66.67% working interest, and a 50% working interest after payout.

The agreement further provides that, following the timely fracturing of the Matthews #1H, Stratex will have earned and be entitled to receive an assignment of an undivided 50% working interest in the entire 2,549 acres.

As consideration for the rights granted to Stratex under the agreement, the company agreed to pay $300,000 as follows:

  • $150,000 was delivered on Dec. 4 to the lessors under the lease, on behalf of Eagleford Zavala Inc., a wholly owned subsidiary of Eagleford;
  • $50,000 was delivered to Eagleford on Dec. 4; and
  • $100,000 will be delivered to Eagleford on or before Dec. 31.
  • The consideration was funded utilizing cash on the balance sheet.

Eagleford Energy Inc. engages in the acquisition, exploration, development, and production of petroleum and natural gas properties in Alberta, Canada and Texas. The company is based in Toronto. Stratex Oil & Gas Holdings Inc. is an independent energy company focused on the exploration, acquisition, and production of crude oil in the Bakken and Three Forks formations in North Dakota and Montana. The company is based in Watertown, Conn.