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Forward Looking Statements

Statements made by representatives of Stratex Oil & Gas, Inc. (“Stratex” or the “Company”) during the course of this presentation that are not historical facts are “forward‐looking statements” within the meaning of federal securities laws. These statements are based on certain assumptions and expectations made by the Company which reflect management’s experience, estimates and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. No assurances can be given that such assumptions and expectations will occur as anticipated and actual results may differ materially from those implied or anticipated in the forward looking statements. Such statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company, and which include risks relating to the global financial crisis, our ability to obtain additional capital needed to implement our business plan, declines in prices and demand for gas, oil and natural gas liquids, our minimal operating history, loss of key personnel, lack of business diversification, reliance on strategic, third‐party relationships, ability to obtain rights to explore and develop oil and gas reserves, financial performance and results, our indebtedness under our senior secured promissory notes, our ability to replace reserves and efficiently develop our current reserves, our ability to make acquisitions on economically acceptable terms, and other important factors. Stratex undertakes no obligation to publicly update any forward‐ looking statements, whether as a result of new information or future events

OverviewStratex Oil & Gas is an independent energy company focused on the exploration, acquisition and production of crude oil in the Bakken and Three Forks formations in North Dakota and Montana. Our oil and natural gas operations are primarily concentrated in two Rocky Mountain basins, the Williston Basin of North Dakota and Montana and the Green River Basin of Wyoming. Stratex’ corporate strategy is to internally identify prospects, acquire lands encompassing those prospects, and evaluate those prospects using subsurface geology and geophysical data and exploratory drilling. Using this strategy, we are developing an oil portfolio of proven reserves, as well as development and exploratory drilling opportunities on high potential conventional and non-conventional oil prospects that we have the opportunity to explore, drill, and develop.

Stratex’ core operating areas are the Williston Basin in North Dakota and Montana and the Green River Basin in Wyoming. In the Williston Basin, Stratex focuses on oil production from multiple zones including the Bakken shale, Mission Canyon and Red River formations.

Stratex uses geologists, petroleum engineers and geophysicists that have years of relevant industry experience in the basins where the Company operates. Stratex strives to retain operations on its lands wherever possible in order to control the timing of the development of its leasehold.

Business ModelStratex explores and produces oil and gas through a non-operated business model. The Company

participates in Bakken wells proportionately to the leasehold interest in each drilling unit that is

drilled by its operating partners. As a non-operating participant, Stratex minimizes operating and

overhead costs. The low-cost model allows the Company to diversify through different operators

and regions

OperationsStratex’ management team structures its operations in a manner that minimizes operating and

overhead costs as a leasehold interest owner. As a non-operating participant, Stratex relies on

operating partners to conduct the drilling process. Before drilling begins, the operator must give

all interest owners in the well unit the opportunity to join the drilling costs and revenues on a

pro-rata basis. The owner receives a pro-rata share of production corresponding to their pro-rata

share of costs. The majority partners bear operating and overhead costs, which allows Stratex to

invest the highest possible working interest while minimizing costs.

Assets & Acreage Holdings

Stratex has interests in the following prospective areas:

• Controls 1,200 acres located in Sheridan County, MT 37N 57E

– TAQA North (TAQA), which is owned by the government of Abu Dhabi, also has an active Bakken program in 37N 57E

– TAQA has two wells in 37n-57e with daily production of 450 and 650 barrels of oil, respectively

• Controls 1,200 acres in Sheridan County, MT 35N 58E

– TAQA is drilling in adjacent quadrant

• Contract to own 1,250 acres in 37N 58E

– TAQA is drilling in adjacent quadrant

– Marathon Oil also plans to begin horizontal drilling in Sheridan County, Montana

• Option to purchase the rights to an additional 15,000 acres in Sheridan and Daniels County both located

on the “fairway” of the Bakken

• Option to purchase 20,000 acres in Sheridan County

– Acreage has 5 producing wells, providing Stratex with 70 barrels of production per day

– Production is in the Niscu Formation, and Stratex has plans to participate in Bakken drilling in calendar year 2011

• Verbal agreement on 22,000 acres in Golden Valley County, ND

– Whiting Petroleum is very active in this area

• Negotiated 6,500 acres in Western Daniels County, MT

• Negotiated 23,500 acres in close proximity to 6,500 acres in Western Daniels County, MT

• Preparing to lease 5,000 acres in the Eagle Ford Shale in west Texas

– The acreage is held by production of 110 barrels/day with dozens of additional high value targets to drill

• Currently negotiating to acquire a working interest in a 30,000 acre parcel in Dunn County, Montana in the

Bakken Formation

Drilling and Acreage Plans

The Bakken FormationThe Bakken Formation is an oil bearing strata

underlying parts of the Williston Basin of

Montana and North Dakota. The Bakken is

located between 8,000 and 11,000 feet and is

comprised of three members: the lower shale,

middle dolomite, and upper shale. The middle

member holds the majority to the oil reserves.

Oil production in this region dates back to the

1950’s, but was largely unsuccessful. The

vertical wells drilled around this time couldn’t

produce oil at high rates. The vertical wells

only had about 50 to 100 feet of the shaft that

reached the middle Bakken. The application of

horizontal wells with fracturing technology has

allowed production to dramatically increase.

The Company’s focus is acquiring leasehold interests in the Bakken Formation, Niobrara

Formation, and Three Forks-Sanish Formation.

Drilling and Acreage Plans

Bakken Oil Estimates

A 2008 USGS report has estimated the amount of recoverable oil at 3.0 to 4.3 billion

barrels in the Bakken, which makes it the largest current USGS oil assessment of the

lower 48 states as well as the largest continuous oil accumulation ever assessed by

the USGS. Recently, estimates have been revised upward to about 11 billion barrels of

oil in both the Bakken and underlying Three Forks-Sanish formation by the state of

North Dakota.

Niobrara Formation

The Niobrara Shale is a shale rock formation underlying parts of Colorado and

Wyoming. Oil and natural gas can be found at depths from 3,000 to 14,000 feet. The

Niobrara is a new oil formation that is part of the Denver-Julesburg basin. It is an early

oil formation that is being compared to the Bakken Shale.

Three Forks-Sanish Formation

The Three Forks-Sanish Formation is an oil area below the Bakken Shale zone. Three

Forks is an early play, and the wells so far have been strong producers.

Hydraulic FracturingHydraulic fracturing is a technique that

can increase the flow of oil or gas from a

well. The procedure is done by pumping

high quantities of liquid down a well into

the reservoir rock at a high pressure to

fracture the rock. The technique creates

a network of interconnected fractures

that allow more oil to flow through the

rock.

Horizontal DrillingHorizontal drilling is useful in reaching targets and stimulating reservoirs in ways

that can not be achieved with vertical wells. A rock unit that is only 50 feet thick is

limited to a pay zone that is 50 feet in length with a vertical well. A well drilled

horizontally can expand the limited pay zone thousands of feet. Also, horizontal

drills can deliberately intersect fractures. The productivity of these wells can be

increased tremendously with the use of horizontal drills.

Horizontal Drilling and Fracturing

The application of both horizontal drilling

along with fracturing has increased the

productivity of wells and made the wells

much more efficient.

The introduction of new technology has

led to rapid growth in the daily oil

production in the Bakken in recent years.

Management Team

Tim Kelly, Co-Chief Executive Officer, DirectorTim Kelly brings over 20 years experience in the securities industry. Mr. Kelly founded Lynden Capital Management, a equity and venture management company, in 2002. While at Lynden Capital, Mr. Kelly invested in dozens of public and private companies. Mr. Kelly also advised on strategic acquisitions as well as debt and equity financings. Prior to Lynden, Mr. Kellyworked at Credit Suisse as a Senior Vice President in equity sales. Before joining Credit Suisse, Mr. Kelly worked at Hambrecht & Quist, which then merged with JP Morgan Chase in equity sales Mr. Kelly began his career at New England Securities in equity sales. Tim Kelly graduated from Providence College in 1990 with a B.S. in Business Administration, Marketing.

Steve Funk, Co-Chief Executive Officer, DirectorStephen P. Funk brings over 25 years of experience in finance to Stratex. Mr. Funk is the founder of Alta Investments LLC, a specialized investment banking consultant Mr. Funk has consulted on numerous mergers, acquisitions and strategic alliances. Mr. Funk raised over $90mm of equity in a portfolio of small-cap high growth companies. Prior to Alta, Mr. Funk was a Vice President at Windham Associates. Mr. Funk identified possible companies to be acquired by the NYSE and closed 26 acquisitions. Before joining Windham, Mr. Funk worked at Merrill Lynch as a Vice President in Business Financial Services. AtMerrill Lynch, Mr. Funk completed over 20 mergers and acquisitions and built a $160mm investment portfolio along with a $100mm commercial loan portfolio. Mr. Funk graduated from Marist College in 1984 with a B.S. in Business Administration, Finance.

Tom Hayes, Director of Land Acquisitions, DirectorThomas M. Hayes, the former president of the Montana Association of Professional Landmen, began working in the oil business in 1978 in Montana for Silver Dollar Exploration as a landman. Mr. Hayes examined Mineral Ownership Reports, which is the first step in acquiring an Oil and Gas Lease on a particular tract of land. Mr. Hayes went on to work for several oil and gas companies, leasing and running title throughout Kansas, Montana and North Dakota, including the Williston Basin. In 2004, Mr. Hayes started L&H Resources along with Director, Neil LaFever, which leased parcels of land in Sheridan County and Richland County, Montana. In 2007, L&H Resources acquired an idle well and turned it into a producing well that is operating today. Mr. Hayes brings knowledge of horizontal drilling programs and of the most profitable areas in the Bakken Formation. Currently, Mr. Hayes is in the process of drilling a Bakken Well in Sheridan County, Montana. Thomas M. Hayes graduated from the University of Montana.

Management Team

Neil LaFever, DirectorNeal LaFever brings over 25 years of experience in various phases of the oil industry. In 1985, Mr. LaFever began investing in

gas wells in the Ratcliff Formation, underlying Montana. Mr. LaFever went on to drill several more wells in the Ratcliff

Formation. In 2002, Mr. LaFever went on to drill a successful well that still operates today in the Tyler Formation in

Mussellshell County, Montana. Mr. LaFever L&H Resources, LLP with Director of Land Acquisitions, Thomas M. Hayes, which

leased parcels of land in Sheridan County and Richland County, Montana. In 2007, L&H Resources acquired an idle well and

turned it into a producing well that is operating today. Currently, Mr. LaFever is involved in two wells in North Dakota and in

the process of drilling a well in Sheridan County, Montana. Mr. LaFever graduated from the University of Wisconsin, Oshkosh

in 1967 with a Bachelor’s degree in history and physical geography.

Michael Mahan, Director

Michael J. Mahan brings over 20 years of experience in the environmental field. Mr. Mahan’s is particularly experienced in

water treatment, hydrogeology, soil analysis, drilling methods, and hydrofacturing techniques. Mr. Mahan has written and

implemented sampling plans, approved by the Environmental Protection Agency, which verify groundwater and soil

conditions at various sites. Mr. Mahan has served as project manager for a large remediation project in Washington, DC,

involving tank and soil removals, ground water and soil treatment, soil disposal, and litigation. As project manager of an

environmental evaluation and cleanup program in the United Kingdom, Mr. Mahan was involved with investigating and

remediating the Sherwood Sandstone Aquifer, whish is one of England’s largest fresh drinking water supplies. Michael J.

Mahan holds a B.S. in Hydrogeology and Soil Science from Ohio University

Recent News• January 2011: Continental Resources Inc. told North Dakota bankers that their geologists

have estimated about 20 billion barrels of recoverable crude oil in the Bakken

• January 2011: Government officials revised their estimates and said that the North Dakota

fields could hold 11 billion barrels of oil, doubling their previous estimate

• Marathon Oil announced plans of their first horizontal Bakken/Three Forks activity in

Sheridan County, Montana

Recent Oil Activity

Investment Considerations

• Stratex’ participation in drilling wells as a leasehold interest owner allows the Company to deliver a high value to shareholders at a low cost

• Government officials have recently changed their estimates to about 11 billion barrels of recoverable oil in the Bakken

• The Bakken source rock has a high Total Organic Carbon (TOC) of up to 11%; most source rock has at least 0.5% and very rich source rock has up to 10%, according to Schlumberger

• Stratex’ business model allows for diversification through different operators and geographic areas

• Stratex minimizes operating and overhead costs by relying on majority partners to propose, permit, and engage in the drilling process

• With adequate capital Stratex can achieve the acquisition in excess of 100,000 acres in the “Fairway” of the Bakken Field before July 2011