Stratex Oil & Gas Holdings, Inc. announced that it has entered into a Joint Development Agreement (JDA), dated as of April 11, 2014, by and among the Company, Quadrant Resources LLC, and Eagleford Energy, Zavala Inc. Pursuant to the JDA, Quadrant has agreed, at its sole cost and expense, to drill 3 wells and to rework 5 wells to test the San Miguel formation on an oil and gas lease covering 2,629 acres in Zavala County, Texas. Presently, each of Stratex and EEZ has the rights to an undivided 50% working interest in the Lease. Quadrant's principals have extensive experience and success drilling and completing medium to heavy oil resources on a global basis.

The focus of the JDA will be the commencement of primary San Miguel oil production from a known oil interval underlying the Little Tom Field, situated on the Matthews Lease. The San Miguel formation is a massive, relatively shallow (2,600 to 2,800 feet) and well defined sandstone resource containing approximately 2 to 3 billion barrels of original oil in place ("OOIP"), as estimated by the Bureau of Economic Geology and the University of Texas. Under the terms of the JDA, Stratex shall serve as Operator and conduct the Phase I Work Program under the direction of Quadrant.

Quadrant has undertaken to cause the Phase I Work Program to be completed by June 15, 2015. Provided that Quadrant has satisfied certain conditions in the JDA by that date, Quadrant shall have earned the right to receive a conveyance of an undivided 50% working interest in the Matthews Lease. At such point in time, Stratex and EEZ will each hold a 25% working interest in the Development Area.

With respect to 7 of the 8 Phase I Wells, the Company has the right to receive 16.66% of the revenues before Payout and 25.0% of the revenues after Payout. The Company will not be entitled to participate in any revenues derived from the reworking of the Matthews No. 3V Well.