EnergyOil & Gas
Xstate Resources Limited

Xstate Resources in fund raising for onshore California oil exploration


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.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Xstate Resources Limited

Price: $0.00

Market: ASX
Market Cap: $2.28 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Full interview: Northern Minerals reveals talks with US government agencies,...

Northern Minerals Ltd (ASX:NTU) CEO George Bauk tells Proactive he recently met US government agencies, who he says wanted to get a better sense of the Australian company's progress with its dysprosium production, and its strategy going forward. Bauk is currently in New York meeting with...

3 days ago

2 min read