On Dec. 22, Strata-X Energy Ltd. (TSXV: SXE.V, OTC: STRXF, ASX: SXA.AX) said that its first well in a multiwell program in the Illinois Basin encountered oil after reaching 3,280 feet total depth.

The Blue Spruce #1 encountered several oil and gas shows in the targeted Aux Vasse and McClosky shallow Mississippian formations, the company added. Preliminary wirelines and mud logs indicated about 18 feet total oil pay.

The well will be cased before the drilling rig is released, Strata-X noted.

In January 2015, the oil-bearing intervals will be individually tested, and zones will be tested to determine production potential.

Denver-based Strata-X Energy Ltd. has assets in the U.S. and Western Australia.