The company said leasing for oil and gas exploration rights on the Vail Oil Project, which is located on the western flank of a basin in US at depths between 3,500 to 5,000ft, has until now yielded about 35,800 gross and 33,850 net acres.

Strata-X intends to acquire 50,000 net acres in the project, in which it has 100% direct working interest, by the end of 2012.

The location of the project has not been revealed.

A study conducted earlier this year over the basin indicated presence of an unconventional continuous oil field – Vail Oil Project – in a dolomitic reservoir.

In addition, the energy firm has conditionally agreed to buy and operate 75% working interest of about 21,000 gross and 15,000 net acres over a shale oil project in Texas for a consideration of approximately $2.25m.