WI The Western Investment Company of Canada Limited

Stratex Oil & Gas Holdings, Inc. (OTCQB: STTX) ("Stratex" or "the Company") is
pleased to provide the following operational update.


Stratex is currently producing approximately 98 gross, 65 net barrels per day
(b/d) of oil, both from its historical non-operated and operated properties in
the Bakken Shale and Montana, respectively, and its operated south Texas lease.
Pursuant to the Company's previously announced Joint Development Agreement
signed in December 2013 and amended in January 2014, in exchange for the
Company's commitment to frac a certain well known as the Matthews 1H prior to
March 31, 2014, the Company received an assignment of an undivided 50% working
interest ("WI") in an oil & gas lease covering approximately 2,629 acres in
Zavala County, Texas (the "Zavala Lease"). The frac of the Matthews 1H was
completed in March and the well was recently placed on production at an average
rate of 30 gross b/d of oil over the past 10 days. The Company holds a 66.67% WI
before payout and a 50%% WI thereafter. 


In connection with the Company's WI in the Zavala Lease, management is presently
assessing additional drilling opportunities regarding various zones which
produce locally, including the Eagle Ford Shale, Austin Chalk, and Buda
formations. Local operators have successfully exploited these formations
utilizing horizontal drilling and multi-stage hydraulic fracs on 60 to 80 acre
spacing units. Management believes that there are at least 42 horizontal
locations in the Eagle Ford Shale, 14 horizontal locations for the Austin Chalk,
and 32 horizontal locations for the Buda on the Zavala Lease, providing a
multi-year drilling inventory. 


Pursuant to our Joint Development Agreement with Quadrant Resources, LLC,
announced in April 2014, the first 4 (of a total of 8) pilot wells on the Zavala
Lease have been staked, and permitting is underway. Stratex expects operations
to commence during this present quarter. The remaining 4 pilot wells are
anticipated to be drilled and/or reworked by year end. The initial 8 pilot wells
are being drilled/reworked by Quadrant at no cost to Stratex and are intended to
exploit the San Miguel medium to heavy grade oil underlying the Zavala Lease.
The Company owns a 25% WI in the entire project except for one of the pilot
wells. Management believes that there can be a drilling inventory of up to 200
locations. According to past Texas Railroad Commission filings, approximately
97,000 barrels of oil from the San Miguel formation have been previously
produced from the Little Tom Field. 


Pursuant to the terms of our agreement and plan of merger with Richfield Oil &
Gas Company ("Richfield"), announced on May 7, 2014, Stratex has agreed to
advance Richfield up to $3.0 million in the form of a secured loan. Up to $2.0
million of the loan will be specifically dedicated to a defined low-risk work
program designed to accelerate production prior to the completion of the merger
via reworks and recompletions within Richfield's scalable properties located
within the Central Kansas Uplift. The work program, consisting of the
rework/recompletion of 17 wells has commenced, with 3 rigs presently running.
Management anticipates Richfield will complete the project by the end of the
third quarter of 2014. Beyond the completion of the work program associated with
the aforementioned $2.0 million loan, subject to the completion of the proposed
merger, management expects to allocate meaningful future capital to fully
exploit the post-merger company's Kansas drilling inventory of 95 drilling,
behind pipe, salt water disposal, offset and rework/recompletion opportunities
in the Arbuckle formation (57 new drilling, 38 recompletions), as well as
unbooked horizontal Mississipian locations.


About Stratex Oil & Gas Holdings, Inc. 

Stratex Oil & Gas Holdings, Inc.(OTCQB: STTX) is an independent energy company
focused on the acquisition and subsequent organic exploitation and development
of operated crude oil properties within its core South Texas acreage located in
the Eagle Ford Shale play, as well as smaller operated and non-operated working
interests in North Dakota and Montana. Stratex is fully committed to the
creation of long term value for all of its stakeholders. For more information
visit: http://www.stratexoil.com. 


Important Information for Investors and Shareholders
This communication does not constitute an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote or approval. In
connection with the proposed transaction between Stratex and Richfield, Stratex
and Richfield will file relevant materials with the Securities and Exchange
Commission (the "SEC"), including a Stratex registration statement on Form S-4
that will include a proxy statement of Richfield that also constitutes a
prospectus of Stratex, and a definitive joint proxy statement/prospectus will be
mailed to shareholders of Richfield. INVESTORS AND SECURITY HOLDERS OF STRATEX
AND RICHFIELD ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER
DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors
and security holders will be able to obtain free copies of the registration
statement and the joint proxy statement/prospectus (when available) and other
documents filed with the SEC by Stratex or Richfield through the website
maintained by the SEC at http://www.sec.gov. Copies of the documents filed with
the SEC by Stratex will be available free of charge on Stratex' website at
www.stratexoil.com. Copies of the documents filed with the SEC by Richfield will
be available free of charge on Richfield's website at
www.richfieldoilandgas.com.  


Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this communication regarding the proposed transaction
between Stratex and Richfield, including any statements regarding the expected
timetable for completing the transaction, benefits and synergies of the
transaction, future opportunities for the combined company and products, and any
other statements regarding Stratex' and Richfield's future expectations,
beliefs, plans, objectives, financial conditions, assumptions or future events
or performance that are not historical facts are "forward-looking" statements
made within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements are often, but not always, made through the use of words or
phrases such as "may", "believe," "anticipate," "could", "should," "intend,"
"plan," "will," "expect(s)," "estimate(s)," "project(s)," "forecast(s)",
"positioned," "strategy," "outlook" and similar expressions. All such
forward-looking statements involve estimates and assumptions that are subject to
risks, uncertainties and other factors that could cause actual results to differ
materially from the results expressed in the statements. Among the key factors
that could cause actual results to differ materially from those projected in the
forward-looking statements are the following: the timing to consummate the
proposed transaction; the risk that a condition to closing of the proposed
transaction may not be satisfied; the risk that a regulatory approval that may
be required for the proposed transaction is not obtained or is obtained subject
to conditions that are not anticipated; Stratex' ability to achieve the
synergies and value creation contemplated by the proposed transaction; Stratex'
ability to promptly, efficiently and effectively integrate Richfield's
operations into those of Stratex; and the diversion of management time on
transaction-related issues. Additional information concerning these and other
factors can be found in Stratex' and Richfield's respective filings with the
SEC, including their most recent Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K. Stratex and Richfield assume no
obligation to update any forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements that speak only as
of the date hereof. 



FOR FURTHER INFORMATION PLEASE CONTACT: 

Contact: 
Investor Relations:

Derek Gradwell
MZ Group
SVP, Natural Resources
Phone: 512-270-6990
Email: dgradwell@mzgroup.us
Web: www.mzgroup.us

The Western Investment C... (TSXV:WI)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024

The Western Investment C... (TSXV:WI)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024