Stratex Oil & Gas Holdings Inc (STTX)

[PlatypusRx]

STTX needs to make an announcement regarding material developments in Moroni, UT. By virtue of its recent merger with Richfield Oil and Gas, STTX is a minority JV partner with fracking giant Whiting Petroleum in a series of 13K' deep wells on the westernmost portion of the Mancos Shale, abutting the Gunnison Thrust. Their joint acreage encompasses 20K acres. STTX, I believe, has only about a 5% WI in this AOI. But both companies have been quietly enhancing their positions in and around Moroni, and STTX net acreage now totals about 20K acres. Whiting came into the deal late last year, when it acquired 162K acres from Halcon Resources. In September, they spudded a test well. They reached total depth in late November, and in December drilled a 1 mi. long horizontal. Word of mouth is that Whiting has a monster on its hands. The Mancos in this section is said to be 2,500’ thick and is essentially pre-fracked by the same geological forces that created the Overthrust. As Whiting neared TD, it reportedly needed a gasbuster to deal with constant oil flows. If the rumors are correct, and the test well is indeed equivalent to the best of the Bakken, STTX needs to announce something soon, lest investors like Wally Balls hit the panic button prematurely.