Denver, Colorado-based Strata-X energy (TSX:V.SXE
, Stock Forum
) announced Thursday they have engaged Halliburton to conduct completion stimulation on the Vail Oil project’s Burkett 5-34HOR well.
Strata-X shares spiked $0.05 to $0.42 Friday on the back of the news, not far below the 52-week high of $0.54.
Work on the project is expected to begin mid-November.
According to a company news release
, “The Burkett 5-34HOR was drilled as a test of the Devonian Lingle formation and reached a total depth of 6,762 feet including a 1,824 foot lateral. During the drilling of the well in the targeted Devonian Lingle formation, oil and gas shows were encountered and oil was visible in the drilling mud.”
Trading volume was 658,000 on the day, with one investor snapping up 600,000 shares shortly before 11am.
The stock is up 130% from the 52-week low of $0.18 in August.
FULL DISCLOSURE: Strata-X Energy is a Stockhouse Publishing client, but this article was not paid content.