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Xstate Resources Limited

Xstate Resources in fund raising for onshore California oil exploration

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Xstate Resources (ASX:XST) has raised $1,000,000 in working capital after placing 20,000,000 fully paid ordinary shares at $0.05 cents.

Funds raised will be used to acquire additional 2D seismic data and expand the scope of the joint venture leasing and prospect capture within the Sacramento Basin in California, according to managing director Paul Cartwright.

The joint venture agreement is with Australian Oil Company (AOC) for onshore California to develop major hydrocarbon resources.

Xstate currently has 30% of the joint venture and has been actively involved in prospect generation, drilling program design and leasing suggestions.

The joint venture purchased an additional 1,447 kilometres (900 miles) of 2D seismic data in the Northern Sacramento Basin which along with it its existing 2D and 3D data base has enabled Keith Martens (Technical Director of AOC and lead project explorationist) to expand the JV play types and generate a plethora of prospects.


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Quick facts: Xstate Resources Limited

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Market: ASX
Market Cap: $2.28 m
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