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Strata-X

Energy Ltd

TSXV:SXE 8 cents

ASX:SXA 10 cents

STOCKHOUSE ADVERTORIAL | DANNY DEADLOCK [MICROCAP EQUITY ANALYST] WWW.STRATA-X.COM

Based in Denver, Colorado and dual listed in Canada and Australia, Strata-X is a junior oil and gas exploration and production company targeting high growth development projects in the United States and Australia where they have assembled approx. 125,000 net acres.

The focus of this report will be their exploration and development in the prolific Illinois Basin where they have approx. 40,000 acres.

Invest in People with a Proven Track Record of Success

In the oil and gas industry, the senior executive team and board of directors are as important as the land itself.

The Strata-X management team is lead by Chairman Ron Prefontaine who was an executive director of two ASX listed start-up companies which have recently been taken over for more than $3 Billion and $500 million respectively.

In particular, Mr. Prefontaine was a founder who helped build from the ground up, Australian coal seam gas company, Arrow Energy. In 2010 Royal Dutch Shell and PetroChina bought Arrow for $3.5 Billion Australian dollars.

Complimenting Ron Prefontaine is President and CEO Tim Hoops who has his own extensive and successful career sourcing petroleum projects with substantial growth potential.

The two executives have teamed together in an effort to build another very successful energy company targeting overlooked oil and gas reserves that are economic to drill and produce even in a lower priced commodity environment.

Key Statistics

Price at Date of Report: $0.08 52wk Range: $0.08 to $0.34 Shares Outstanding (basic): 156.6 Million TSXV Market Cap at Date of Report: CAD $12.5 Million Avg Daily Trading Volume: Past Month: 53k Past 3 Months: 94k Years in Business: Five Years as a Public Company: TSX 2011 / ASX 2012 Mgmt & Director Ownership: 19 % Institutional Ownership: > 35 %

Industry: Oil & Gas Region: USA / Australia

Investment Overview

EQUITY RESEARCH REPORT

July 24, 2015

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The Strata-X mission is to create substantial growth for shareholders by finding and developing high reward opportunities that have relatively low entry costs. Build upon "First-Mover" advantage by controlling close to 100% during the proof of concept phase and then farm-out when financially advantageous.

Apply new technologies to old (proven) fields where substantial oil reserves should remain stranded.

Past success provides access to capital as needed.

Management has a proven track record of acquiring low priced acreage and turning it into something far more tangible.

Over the past decade, the major North American shale plays were pioneered by junior exploration companies and geologists. This eventually made early investors extremely wealthy.

Small companies are able to make decisions quicker and are willing to assume higher risk for higher reward. In the oil & gas industry this can be a significant advantage.

The shallow Illinois Basin is the 2015 focus of Strata-X. This giant oil rich region has been producing since the 1930's but to this day has seen limited use of new technology.

NEAR TERM FOCUS

Drill bypassed oil wells in the proven Illinois Basin (twelve initial prospects above 4000 feet). Initial vertical well drilling costs in the range of $175k with total cost to complete and produce very low (est. less than $300k).

ILLINOIS BASIN

An oil rich structural basin in the United States, centered in and underlying most of the state of Illinois, extending into southwest Indiana and western Kentucky (an area of approx. 400 miles by 200 miles).

Major oil production began in 1905 and from 1907 to 1912 it was the third most productive oil producing region in the United States. Production peaked in 1940 near 140 million barrels but after water-flooding old reservoirs the basin had another peak in the 1950's.

There are still thousands of oil wells in the basin that have been producing for decades and while production volumes are very low (less than 5 barrels per day), it is estimated that several hundred million barrels of oil could still be recovered by employing new technology (including non conventional drilling and completion).

The Illinois basin has over 12 pay zones (the depths at which oil has been produced) with historical production from stacked pay in sandstones and carbonates.

Key Points

Growth Opportunities & Catalysts

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It has taken Strata-X almost three years to assemble a large land package in the Illinois Basin that they feel will provide SXE shareholders with the greatest growth opportunities. After extensive analysis of data from over 2000 wells in the region, it was decided that they would focus on three specific counties (an area almost 500 square miles in size). These three counties had very extensive historical data available as thousands of shallow wells had been drilled over decades and the company was able to estimate where oil should have migrated and where it is likely trapped.

The time spent building this land package provides Strata-X with "First Mover Advantage" as it takes a long time in this region to build relationships and trust with land owners.

TWO EXPLORATION STRATEGIES: SHALLOW and DEEP

For the above graphic, please reference disclaimers DS-1 / DS-2 / DS-3 / DS-5 on page 17 of this report

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SHALLOW:

Following on the Blue Spruce Discovery, Strata-X will soon be drilling a new development well. Assuming all goes well, this will add to existing reserves and will help them make decisions regarding field production and further drilling / development.

Vertical wells in this area cost less than $200k to drill and after completing, total costs are typically in the range of $300k to $400k. Horizontal wells are far more expensive because they target far larger production and reserves.

DEEP:

Strata-X will initially focus on the 80 sq.km x 20 sq.km Lingle field. They have already drilled the proof-of-concept well in this area to test the geological structure and production on that test-well peaked at 300 barrels of oil per day (bopd). They ended up with a high water cut on the well because of the stimulation / frac method employed but this is something they can still work very well with as the water management program does not entail a large expense.

Because one of their priorities was to test the structure (required for future drilling plans), the significant oil discovery in their first well was very important to their future plans - and their objective of proving up an economic field.

In August the company will drill a Lingle appraisal well (an inexpensive vertical shallow well of approx. 4,500 ft) to evaluate reservoir conditions. If all goes well this would be followed by Phase II drilling in Q1 2016 that would include a 4000 ft horizontal leg and would be budgeted in the range of $2 million.

Success here would be a tremendous accomplishment for Strata-X as it would validate their models and (at least in theory) confirm that significant amounts of oil remain to be exploited in this large field.

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For the above graphic, please reference disclaimers DS-1 / DS-2 on page 17 of this report

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Target Milestones:

Drilling and test multiple Illinois Basin targets with upside growth of P2 (proven and probable) reserves up to 11 Million barrels (11 MMBBL). Target production growth would be > 1000 bbl/day.

While the huge majority of wells drilled in the Illinois Basin have been shallow and targeting conventional crude oil, advances in drilling and production technology have opened up significant opportunities for experienced operators like Strata-X. During the 2009 to 2014 American oil boom, large companies focused on oil shale like the Bakken in North Dakota - the Illinois Basin for the most part was ignored because it was felt bigger fish could be caught elsewhere.

Yet Strata-X senior management believes an opportunity still exists within the Illinois Basin to discover a field similar to the Elm Coulee in eastern Montana. In 2000 this field was discovered as an extension of the Bakken and thanks to advances in technology, the Elm Coulee today produces almost 50,000 barrels of oil per day.

Drilling to date in Illinois is dominated by shallow wells using old techniques and technology. Strata-X over the next couple years hopes to prove that their theories are correct and that far more opportunity still exists.

Six successful wells (possibly less) should be enough to validate the size of the reserves in the Lingle Oil Field. This in turn should drive a significant revaluation of the company by professional investors and may even attract the interest of major oil companies.

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Strata-X lands are also excellent candidates for future waterflood and polymer waterflooding. The company has ready access to water required for water-floods and this methodology has been proven successful throughout the Illinois Basin.

When conducting a polymer waterflood, a high-molecular-weight and viscosity-enhancing polymer is added to the water to decrease the mobility of the flood water and improve the sweep efficiency of the waterflood. The primary purpose is to increase the viscosity of the flood water.

The oil industry is complex and forecasting commodity prices is not an exact science. However, statistically investors can monitor what professionals are saying and derive a reasonable estimate of future oil prices.

This chart is extremely useful as these forecasts originate from the major Wall Street investment banks.

It is important to note that given the estimated low cost of production for Strata-X in the Illinois Basin, the company should provide strong profit margins across a broad range of these crude oil price forecasts.

Industry Outlook

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Due Diligence Study:

Has there ever been a share consolidation / reverse split: No

Options Outstanding & Average Strike Price: 6,570,000 @ 32 CPS (cents per share)

Warrants Outstanding & Average Strike Price: 11,995,253 @ 44 CPS

Fully Diluted Shares Outstanding: 175,150,211

Potential proceeds of exercised warrants and options: CAD $7,380,312

If management and director ownership (combined) is below 30%, what percentage of shares outstanding is owned by the CEO and what percentage of total outstanding options is owned by the CEO: 10,745,111 shares owned (7%), 3,400,000 options (37%), Chairman owns 10%

Explanation of the companys general policy with respect to the use of stock options for executive compensation. Are stock options tied to growth in share price or shareholder value, or does the company issue (or plan to issue) options annually as a percentage of total shares outstanding: See our website at: www.strata-x.com/governance.html. There is no exact formula. Options are used for incentive purposes.

Have you used the same auditors for the past 2 years (if not, explain why): Yes

Does the board have an Internal Audit Committee: Yes

Does the company have a Normal Course Issuer Bid in place or any plans for one this year: No

What positions the company for profitable growth: The Companys shallow, vertical by-passed pay prospects in the Illinois basin

Where does the companys strongest growth prospects lie: The Illinois Basin

Is the company looking seriously at any mergers or acquisitions - If so, is it conditional upon future financing: Not at this time

Financial Position and Corporate Structure

List financings completed in the past year (date, price, amount): December 7, 2014, - raised AUS $1.78 MM at AUS 17 CPS

If a financing was completed in the past four months, what date will that stock become free trading: Prior raise was on the ASX and unrestricted.

Were warrants attached to the above financing, what price, and what is warrant expiry: None

What percentage of above financing went to insiders, institutions, retail investors: Approximately AUS 1.278 MM went to retail and institutions.

Do you have an estimate of the next capital raise ($ value) and a target time frame: We will do a small raise approx. A$2.5mm, to cover the next 3 months of drilling costs.

Are there any outstanding convertible debentures: If so, what is the conversion price/terms and due date: None

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Can you estimate a targeted percentage revenue growth for this next year: Highly dependent on the success of the Illinois Basin prospects.

Do you foresee any abnormal changes (positive or negative) to operating and admin costs over the previous year: None

Will your current monthly burn rate force a financing within the next six months and/or one year: If so, do you expect this to be debt, equity, or both: Equity from private placements when required.

Can you fund growth through cashflow or is a large equity financing required: The Company expects it will be able to sustain a cash flow based drilling program once it establishes its vertical prospects in the Illinois basin. Until then a moderate equity financing will be required.

If the company needed to raise significant amounts of capital over the next 12 to 24 months, what management experience or corporate history would demonstrate that this could be achieved even in a challenging economic environment: Management has significant experience managing previous successful start-ups where access to capital was at times challenging at prices much lower than the current price. Management has been directly involved with significant growth of small cap companies in Australia. Previously we have had access to private equity and institutional investors with only modest retail exposure. We do need more exposure to capital in the North American marketplace, specifically in Canada.

Is the corporate philosophy to minimize share dilution and only finance in small increments based upon share price and growth targets or is financing and growth the primary objective and eventually the share price will reflect fair value of the corporation (meaning share dilution is not a primary concern at the time): Focus is on smaller financings to move development strategy forward, with the least amount of dilution.

What is the general corporate philosophy with respect to share price, share dilution and growth objectives. How does the company strike a balance taking into consideration the need to raise capital at times when share price may not accurately reflect the fair value of the corporation: High potential growth opportunity currently exists, and objectives are to undertake to raise sufficient minimum capital in order to initiate the program and achieve the financial leverage with a small amount of share dilution.

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MANAGEMENT

Strata-X Energy has a senior management team with over 80 years of combined experience in the oil and gas industry. Chairman and President, Ron Prefontaine and Tim Hoops respectively, have successfully grown public companies in the energy sector. The Board also consists of two Alberta based independent directors, Don Romaniuk and Dennis Nerland along with Colorado based Tim Bradley and Australia based Greg Hancock. Shaun Maskerine of Vancouver is the Canadian Corporate Secretary and Duncan Cornish, based in Brisbane, is the Australian Corporate Secretary.

The Company relies on a pool of an established, talented and experienced petroleum consultants and associates to provide their expertise to the Companys current and future projects.

Further management and director profiles are available here :

http://www.strata-x.com/about.html

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Period Ending March 31, 2015

Total Cash and Investments $1,783,900

Total Current Assets $1,783,900

Total Assets $27,314,100

Total Current Liabilities $819,827

Working Capital $864,073

Long Term Debt No Debt

Current Market Capitalization

$12.5 Million

What efforts are being made (or proposed) to increase visibility of the company to the investment community (retail investors, brokers, institutions) over the next six to twelve months: Broad exposure Stockhouse plus we have Investor Relations specialists who work with the general investment community and our shareholders. We have an open-door policy when it comes to corporate communications. We are planning similar digital exposure for Australia. Our CEO also does 3-4 roadshows and investor conferences each year.

Do you have a full time IR or Corporate Communications person working for the company? If not, who handles these inquiries: Two part-time IR people on contract. One in Canada (Colin) and one in Australia (Julia). If you do have a full or part-time IR person, are they an employee or on contract. If 3rd party contract, is their company exclusive to you or does that person have multiple clients: In North America (based out of Calgary), IR is currently under contract and is exclusive to Strata-X. In Australia, IR is under contract to The Communique Group. They have other clients. Is anyone within the company assigned to monitor public message boards for investor feedback: In addition to the corporate website, does the company use any aspects of social media such as Facebook, Twitter, etc: IR monitors message boards. The company doesnt use social media except Twitter out of Australia. Throughout the year, does the company plan corporate road shows to make presentations to institutional investors, brokerage firms, or investor conferences - explain if applicable: Yes, I expect with our new development strategy in Illinois our presentation activity will increase with all those mentioned. What is the approximate dollar amount budgeted for corporate communications for the current year and what was spent in the previous year: IR in both Canada and Australia plus Stockhouse approx. $170k. Corporate communications improves full disclosure, increases liquidity, and typically contributes to a higher share price. But not all companies have pro-active IR programs. If you fall within that category, explain your corporate philosophy on this topic: Timing of successful IR is predicated on access to capital to take advantage of the current stage of oil and gas development; however, ongoing communication is necessary to maintain contact with existing shareholders and new investors.

Investor Relations

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Due Diligence Study Continued: Resource Exploration & Development Specific (including Risk Assessment)

Resource Category: Some drilling with resource defined and/or proven reserves:

We have a large regional field we are developing (Lingle Formation). First test was a short lateral designed to test some of the key unknowns in the field. Many of the risk factors have been quantified and peak rates up to 300 BOPD were achieved from this small scale attempt. Plans are underway to begin tests for the second well that will be an 8 mile step-out from the first test and ultimately a 4,000 foot lateral (more than twice the first attempt).

In advancing our by-passed pay program in the Illinois basin on the Blue Spruce project we were recently assigned 1.3mmBBL net P2 reserves to the Company worth $53MM in PV10 value. We expect to continue to develop this field in the near future along with exploring for similar opportunities.

When working outside North America, provide an overview of the support or risks associated with resource exploration in that country (and local region) including politics, taxation, labor and unions: SXEs near and medium term drilling prospects are all within the United States.

Within the past 12 months, have any local or regional opposition groups organized public meetings to vote or speak out against your projects ? If so, provide dates and further details: None

Within your exploration or production region, have any kidnappings (that you are aware of) occurred of foreign workers within the past three years. If yes, provide dates or background information: None

For the companys most advanced project, have native issues or environmental concerns arisen: SXEs main projects in the USA are located on private land and do not require extensive permitting.

What is the closest distance to processing facilities and pipeline infrastructure: SXEs main projects are all located in close proximately to established roads and oil and gas infrastructure.

Where applicable in producing fields, what is the closest distance to water disposal facilities and/or do you use your own water disposal well: Strata-X owns its own water disposal well on the Illinois Basin assets for the horizontal project and is in the process of sourcing an injection well for its waterflood prospects.

With respect to climate, is there a time of year when work (exploration / development / production) cannot be done economically this also applies to extreme temperatures or rainfall that affect equipment function or road access: For SXEs main USA projects average climate and weather do not affect the economic viability either annually or seasonally.

What is the core objective of the company; (a) to find and advance a project in hopes of selling prior to full field development (b), to ultimately develop a field and then sell once operational (c) ultimately develop with the intention of operating long term. There are two key projects in Strata-X currently. A large resource play, Lingle, has been largely de-risked and commercial rates established. Plans are to define the limits of the play and then bring in a large, well-funded partner to fully develop the anticipated 140+ location on current acreage. There is good opportunity to increase land position following early success so we would add to the number of locations and reserves. The second project is our shallow by-passed pay program where we are using a large existing database of historical wells to define fields that have indication of by-passed pay. These are low risk, low cost, high margin opportunities.

Is the company currently partnered with any larger companies: No

Have all necessary permits and licenses been obtained for exploration projects including water, drilling, land access, environment. If not, explain what stages these are at: Yes

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What is the total acreage of the companys core project (include % working interest) and the total NET acres of all land under lease agreement. 40,000 net acres in the Illinois basin, 100% Strata-X

If your core exploration project was drilled in the past, why was it dropped by the previous operator or not developed further why do you feel it would be different under your control & direction: over 130,000 wells have been drilled in the Illinois basin with 32,000 still producing today. The basin has seen limited modern drilling and completion techniques applied to it which presents a unique opportunity. In our core Lingle project we are the first in Illinois to drill a horizontal well to this formation and stimulate it. We feel confident that the play is quite large in size (~500 sq miles) as we have over 100 historic wells that show evidence of oil saturations in the Lingle formation. Vertical wells just cannot produce enough oil to make the play economic, but horizontal wells can.

If your core exploration project has strong exploration potential, explain why you believe it was still available and was not put into production years ago: Overlooked by industry focusing on shale basin plays, ie Eagle Ford, Permian, Midland, etc. This gives us huge advantage as first mover in new basin play.

Investors often look for elephant sized high impact discoveries, do any of your projects exhibit this type of discovery potential: Some of the Companies Waterflood projects have the ability to be over 10 million barrels of recoverable oil and the horizontal Lingle project has the ability to have 23 million barrels of oil (net to our

acreage).

What drill programs (if any) are planned for the next one to two quarters: 4 shallow vertical development wells, 1 at Blue Spruce, 1 at new Oak prospect, 1 at new Maple prospect, 1 Vertical Pilot well at Raccoon Creek to advance Lingle target

Is the company interested in joint ventures or does it prefer to raise capital on its own and retain existing control: In Illinois we prefer to raise capital and retain control; flexible to jvs on other US properties. After we have completed the proof of concept we will look for was to leverage the first mover advantage we have in the area.

Are there any mid or large cap mining companies operating in the immediate area if so, provide name(s) and any relevant information: Rex Energy, Citation, and many other small privately held companies.

Current Average netback per boe: $24 per BBL at $50 oil

Current production rates percentage breakdown for oil, natural gas, NGLs: ~75 BBL/day all oil

Average Tax / Royalty rates: less than 1% tax / average royalty of 15%

Cashflow forecast for the current year and if possible, Target for the following year (total $ value and per share): N/A still in growth phase.

Exit production guidance for the current year: Will be in a better position to offer guidance with completion of first round of drilling program. With reasonable success we should be around 150 BOPD

Current estimated drilling inventory (number of locations): 140 drilling locations identified on all our leases

Average cost to drill a well in your core area of operations and average cost for completion / tie-in: USD$300,000 for a vertical well and approx. $2 Million for a horizontal well.

Are they (or others within their region) having difficulty getting timely access to drilling and production services: No / Any production or facility restraints that should be noted. If so, how are they being addressed: None / Is there year round access to wells and drill locations with close proximity to essential services: Yes

Total 2P (proven plus probable) Reserves per last qualified reserves report (note date and percentage breakdown between oil, gas, NGLs): 1.37MMBBL all oil April 1, 2015 Chapman Engineering Report

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CEO Insight / Elevator Pitch

Large, 40,000 acres,100% controlled land position in oil friendly state of Illinois with outstanding access to infrastructure including refineries

Long history of light 38 degree oil production from early to mid-90s, but very little exploration or development in the last 60 years.

1.5 billion barrels of oil production within a 36 km radius of our existing landholdings, huge overlooked oil field opportunities.

With new drilling techniques and other technology we plan on aggressively moving forward with a low risk development program on our shallow, by-passed pay vertical program at Blue Spruce where independent engineers have reported 1.3mm 2P reserves, with a NPV at 10% of US$53mm.

With the next 6 well drilling program we will continue to add value at Blue Spruce, and open up two additional look alike adjacent oilfields at Oak and Maple.

Deliverables in the short term will include (with success in our drilling programs); 1) increase 2P reserves adding 3-6 mmbbl 2P; 2) increase current production of approx. 75 bopd to approx. 200 bopd; 3) increase our NPV (10% disc) to approx. +US$100mm; 4) advance the horizontal opportunity on our Lingle drilling success.

On full development of 12 identified potential by-passed pay projects, expected potential 2P reserves of 10-12 million barrels oil producing 6,000 7,000 bopd.

We have low royalties and high field netbacks with a low cost of drilling and production (approx. US $300k). Attractive economics even at current WTI prices provides for a quick payback (in the range of nine months).

Very experienced management team who has created significant shareholder value in previous companies.

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TSXV:SXE

8 cents ASX:SXA 10 cents

Website: www.strata-x.com

CEO: Tim Hoops

Investor Relations Contact: Colin Christensen

Phone: / Email: 403-483-8363 / colin@strata-x.com

Corporate Head Office:

1624 Market St., Suite 300a

Denver, CO 80202

.

Note that the charts and graphs utilized in this report originated from Strata-X. If you find some of the text difficult to read, please visit their website to view the originals. You can find their corporate presentation here:

http://www.strata-x.com/presentations/2015-July_Investor-Presentation.pdf

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STOCKHOUSE ADVERTORIAL RESEARCH REPORT: DISCLAIMER

Equity Analyst and research report author Danny Deadlock DOES NOT own shares of Strata-X (this includes family members or any company he is a manager or director of). Under contract with Stockhouse Publishing Ltd., Danny Deadlock receives (one time) financial compensation of $2,500 CDN to cover costs associated with Strata-X research and report preparation. Strata-X is a client of Stockhouse Publishing Ltd. Securities discussed in this report are high-risk, time and market sensitive. No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer, solicitation or recommendation to buy or sell any securities mentioned. While we (Danny Deadlock and Stockhouse Publishing Ltd.) believe all sources of information to be factual and reliable, we in no way represent or guarantee the accuracy thereof, nor the statements made herein. FORWARD LOOKING / CAUTIONARY STATEMENTS: Certain statements contained in this report may constitute forward-looking information and statements. All statements in this report, other than statements of historical fact, that address events or developments concerning Strata-X that may occur, are "forward-looking information and statements". Forward-looking information and statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "propose", "potential", "targeting", "intend", "could", "might", "should", "believe", "budgeted", "scheduled and "forecasts", and similar expressions and variations (including negative variations). Forward-looking information and statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the public companys actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information and statements. In preparing this report, several estimates and assumptions have been made. Many of these estimates and assumptions are based on factors and events that are not within the control of Danny Deadlock, Stockhouse Publishing Ltd., or Strata-X and there is no assurance they will prove to be correct. Several risk factors may cause actual results to differ materially from those anticipated in these forward-looking information and statements. Although Danny Deadlock believes the expectations and forecasts reflected in these and other forward-looking information and statements are reasonable, there can give no assurance they will prove to have been correct. Such expectations and forecasts can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. New factors emerge from time to time and it is not possible for Danny Deadlock to predict all such factors and to assess in advance the impact of such factor on the public companys business or the extent to which any factor, or combination of factors, may cause actual results that differ from those contained in any forward-looking information or statements. All of the forward-looking information and statements contained in this report are qualified by these cautionary statements. The reader of this report is cautioned not to place undue reliance on any forward-looking information and statements. Danny Deadlock and Stockhouse Publishing Ltd. expressly disclaims any intention or obligation to update or revise any forward-looking information and statements, whether as a result of new information, events or otherwise. This is not an offer to sell or a solicitation of an offer to purchase securities of Strata-X. This report is intended to be educational in nature and for informational purposes only. The reader is cautioned that they should personally verify (validate) all information contained within this report. Danny Deadlock makes no guarantees (either direct or implied) that the information contained within this report is free of errors. Neither Danny Deadlock, Stockhouse Publishing Ltd. or any directors, officers, employees, agents or advisors makes any representation or warranty in respect of the contents of this report or otherwise. In particular, no representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained herein, which have not been independently verified. No person shall have any right of action (except in case of fraud) against Danny Deadlock, Stockhouse Publishing Ltd. or any other person in relation to the accuracy or completeness of the information contained in this report. The information contained in this report is provided as at the date hereof and is subject to amendment, revision and updating in any way without notice or liability to any party. While Danny Deadlock has used best efforts to ensure the accuracy and completeness of the information presented, such information has NOT been independently audited or verified and Danny Deadlock (or any affiliated companies) assumes no responsibility for its accuracy. The forward-looking information contained in this document is expressly qualified by this cautionary statement Neither Danny Deadlock nor Stockhouse Publishing are brokers, dealers, or investment advisors. Readers are cautioned to conduct their own research and due diligence and obtain professional advice before making any investment decisions. Danny Deadlock and/or Stockhouse will not be liable for any loss or damage caused by a readers reliance on information obtained in this report. Readers are solely responsible for their own investment decisions. Owners or employees of Stockhouse Publishing may hold positions in Strata-X but this information is unknown to Danny Deadlock. Copyright 2015 all rights reserved.

The Due Diligence Study (Questionnaire) utilized and contained within this research report is Exclusive (copyright) to Equity Analyst Inc. (Danny Deadlock, CEO). Danny Deadlock Contact Information: www.linkedin.com/in/dannydeadlock

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STRATA-X DISCLAIMER

Note that certain graphics used in this report originated from Strata-X and in particular, a corporate presentation from July 2015. A copy of their disclaimer is shown below but please reference the original document if necessary: That document also includes on Page 2, Forward Looking Statements that the reader is encouraged to review prior to reading any information from Strata-X.

http://www.strata-x.com/presentations/2015-July_Investor-Presentation.pdf

DS-1 The information in this Presentation that relates to Prospective Resources that was originally prepared and published by AWT International dated 18 December 2012. The information was published in Strata-X Energy Ltds Prospectus 2013 (available online at www.strata-x.com), as part of the Companies 2013 Australia Securities Exchange Initial Public Offering. It is based on, and fairly represents, information and supporting documentation prepared by, or under the supervision of Doug Barrenger (JORC Competent Person) employed by AWT International and is independent of Strata-X Energy Ltd. At the time of the Prospectus 2013 issuance Doug Barrenger was an employee of AWT International and a member of the Petroleum Exploration Society of Australia (PESA) amongst other professional petroleum organizations. AWT International consented to the inclusion of the information as it originally appeared. As of the issuance of this document Strata-X Energy Ltd management is not aware of any material information that would change the results of the AWT International report as published in the Prospectus 2013. Figures shown reflect Strata-Xs economic interest (US Dollars) net of royalty or other burdens and were generated using the deterministic method. The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Figures stated were pro-rated as of 31 May 2015 to the Companys current leasehold/tenement interest. DS-2 The information in this Presentation that relates to Prospective Resources that was originally prepared and published by Chapman Petroleum Engineers Ltd. and dated 21 March 2014 and published on Strata-X Energy Ltds website in a News Release dated 24 March 2014 to meet the Companys ongoing disclosure requirements (available online at www.strata-x.com). It is based on, and fairly represents, information and supporting documentation prepared by, or under the supervision of Charles Moore, employed by Chapman Petroleum Engineers Ltd. and is independent of Strata-X Energy Ltd. At the time of the Chapman Petroleum Engineers Ltd. report dated 21 March 2014, Charles Moore was an employee of Chapman Petroleum Engineers Ltd. and a registered Professional Engineer in the Province of Alberta, Canada amongst other professional petroleum organizations. Chapman Petroleum Engineers Ltd. and Charles Moore consented to the inclusion of the information as it originally appeared. As of the issuance of this document, Strata-X Energy Ltd management is not aware of any material information that would change the results of the Chapman Petroleum Engineers Ltd. Report as published in the this presentation. Figures shown reflect Strata-Xs economic interest (US Dollars) net of royalty or other burdens and were generated using the deterministic method. Figures stated were pro-rated as of 31 May 2015 to the Companys current leasehold/tenement interest. DS-3 The information in this Presentation that relates to Reserves Report that was originally prepared and published by Chapman Petroleum Engineers Ltd. and dated 1 April 2015 and published on Strata-X Energy Ltds website in a News Release dated 6 April 2015 to meet the Companys ongoing disclosure requirements (available online at www.strata-x.com). It is based on, and fairly represents, information and supporting documentation prepared by, or under the supervision of Charles Moore, employed by Chapman Petroleum Engineers Ltd. and is independent of Strata-X Energy Ltd. At the time of the Chapman Petroleum Engineers Ltd. report dated 1 April 2015, Charles Moore was an employee of Chapman Petroleum Engineers Ltd. and a registered Professional Engineer in the Province of Alberta, Canada amongst other professional petroleum organizations. Chapman Petroleum Engineers Ltd. and Charles Moore consented to the inclusion of the information as it originally appeared. As of the issuance of this document, Strata-X Energy Ltd management is not aware of any material information that would change the results of the Chapman Petroleum Engineers Ltd. report as published in the this presentation. Figures shown reflect Strata-Xs economic interest (US Dollars) net of royalty or other burdens and were generated using the deterministic method. Figures stated were pro-rated to the Companys current leasehold/tenement interest. DS-4 Prospective Resource information cited in this Presentation for the vertical well economics are Prospective Resources, per an independent third party report effective 2 October 2014 (Report) from Chapman Petroleum Engineering Ltd. (Chapman) who's author, Charles Moore, a registered Professional Engineer in the Province of Alberta, Canada, consented to the inclusion of the information as it originally appeared and information relating to the Prospective Resource is based on, and fairly represents, information and supporting documentation prepared by Strata-X and reviewed by Charles Moore. There is no certainty that stated resources will be commercially viable to produce any portion of the resources. The Report reviewed only Prospective Resources as the project is not sufficiently developed to assign Contingent Resources or additional Petroleum Reserves to it. Figures shown reflect Strata-Xs economic interest (US Dollars) net of royalty or other burdens and were generated, using the deterministic method. Forecasted figures were derived using forward commodity strip pricing, regional drilling, completion and production expenditures and applicable production taxes. StrataX is the title holder of the tenement/leases held covering the Copper Mountain Oil Project which were subject to the Report. DS-5 Resource and Prospective Resources information cited in this Presentation for the Oak and Maple projects are gross resources and guidance projections for future expected reserves are per an internal Strata-X Energy Ltd report dated 12 May 2015 who's author, Timothy Hoops CEO/President of Strata-X Energy and is an employee thereof, is a member of the American Association of Professional Geologists, consents to the inclusion of the information as it appears and information relating to the resource and Prospective Resource is based on, and fairly represents, information and supporting documentation prepared by Strata-X. There is no certainty that stated resources or any Prospective Resources will be commercially viable to produce any portion of the resources. The Report reviewed only gross resources as the project is not sufficiently developed to assign additional Prospective Resources or Contingent Resources or additional Petroleum Reserves to it other than stated herein. Resource figures shown are gross to the identified structure and do not represent Strata-Xs net interest. Prospective Resource figures net to the Company economic interest (Best Estimate) for the Oak Prospect are 1.0 mmbbl. and Maple is 900 mbbl. The Report was generated following analysis of the available technical data including the geological and geophysical interpretation, information from relevant nearby wells and analogous reservoirs and the proposed program for the project, some general resource figures shown are gross to the prospect which includes lands not currently leased by the Company. Guidance to increase in 2P reserves was generated by risking the chance of discovery on the resource from the internal report. Strata-X expects to explore the resources and prospective resources in the report between 2015 and 2017. Hydrocarbon marketing and infrastructure related thereto are commonplace in the area and available to the Company; at this time the Company does not expect the exploration of this project will require burdensome environmental permits. In the report, Strata-X gave consideration to both geological and commerciality factors. The geological factors include the four main geological components of a petroleum system needed for commercial production, source rocks available to generate hydrocarbons, reservoir rocks to accumulate hydrocarbons, a stratigraphic or structural trapping mechanism with a seal to hold hydrocarbons and a mechanism and proper geological timing allowing for hydrocarbons to migrate into the trap. For the best estimated Prospective Resources the Report reviewed approximately 21 net tenements/leases held by the Company with individual owners covering the Companys net economic interest with each tenement/lease having a range of expiration dates, royalties and other provisions.