Xstate Resources

(XST)

Xstate Resources Limited (XST) is an Australia-based company engaged in the exploration of conventional oil and gas in California with a focus on the Sacramento Basin. The company is listed on the ASX.

Attractive unconventional reservoirs are secondary objectives that will be evaluated by planned exploratory drilling.

Xstate’s mission is to generate value by or through fields that:

--Low risk exploitation

--Have high prospectivity for oil and gas,

--Have the benefit of new data, e.g. 3D Seismic,

--Have access to oil and gas production and transport infrastructure, but

--Are relatively under-explored.

By 2017, Xstate Resources Limited advertised that they are undergoing a transition from a pure explorer into a company with a portfolio of risk-managed production, development and exploration opportunities onshore, USA. And a strategy to target low risk exploitation assets that provide investors with a balanced portfolio of projects in proven hydrocarbon basins whilst also increasing exploration exposure in the longer term.

Portfolio---

Xstate holds a 10% working interest in a small number of producing gas wells and more importantly associated land leases and production and pipeline access equipment in the Sacramento Basin. According to Xstate's website, the assets complement the exploration leases Xstate has interests in that are interpreted to have world-class Prospective Resource potential.