Stratex Oil &Gas Holdings, Inc. announced that it had amended its Joint Development Agreement previously entered into on December 3, 2013 with Eagleford Energy, Inc. and its wholly-owned subsidiary, Eagleford Energy, Zavala Inc. On January 24, 2014, the company, Eagleford and Eagleford Zavala entered into an amendment to the original Agreement pursuant to which Eagleford Zavala, in exchange for certain commitments made by Stratex, accelerated the grant to Stratex certain undivided interests in its oil and gas lease dated September 1, 2013 covering approximately 2,629 acres in Zavala County, Texas. Under the terms of the Lease, the Primary Term is currently set to expire on February 28, 2014, but may be extended until March 31, 2014, provided that Eagleford Zavala delivers written notice to the lessors and makes a payment of $30,000 on or prior to February 23, 2014. The Lease also requires that, prior to the expiration of the Primary Term, Stratex shall perform either (i) the hydraulic fracturing of the Matthews #1H well or (ii) the spudding of a new well with a targeted depth in a formation capable of producing hydrocarbons.

As a result of this requirement, Stratex has committed to perform either the frac of the Matthews #1H or the spudding of a new well on or prior to March 31, 2014. Upon doing so, the Lease will continue thereafter to be held in full force and effect. In return for this commitment, Eagleford Zavala assigned to the company, an immediate 50% undivided working interest in, and the exclusive right to operate and develop, the entire 2,629 acres covered by the Lease.

In the event the frac of the Matthews #1H or the spudding of a new well is not performed by the dates set fourth above, then the Lease and the Company's working interest therein, will be null and void. Subsequent to the execution of the First Amendment, Stratex contracted Baker Hughes, Inc. to commence the frac and subsequent completion of the Matthews #1H on February 16, 2014.