CALGARY, Alberta -- Strata Oil & Gas Inc. announced that it now holds the oil sands rights to an additional 10,752 hectares (more than 26,000 acres) of land in the Peace River Oil Sands region of northern Alberta, increasing its holdings by twenty-fold as measured by oil sands land area.
Strata's parcels are approximately 35 miles to the southwest of Blackrock's Seal project, and about 40 miles south of Shell Canada's Peace River complex.
"The oil sands in the Peace River area tend to vary between 5 and 25 meters in thickness. The reservoir is the Bluesky Formation, and depth is between 500 and 700 meters. Production in the area, which was once thought to require expensive thermal operations, has now been shown to also support a conventional primary production model" says Manny Dhinsa, president. "We consider the entire area to be highly prospective, and are pleased to have gained a significant foothold in what has become one of the most exciting emerging oil sands production plays in North America."
Regionally, the Peace River oil sands are part of Alberta's vast oil sands resource which covers approximately 54,363 square miles and four main regions: Athabasca/Wabasca, Cold Lake, and Peace River. The Peace River resource is estimated at more than 188 billion barrels [Alberta Department of Energy, Cold Heavy Oil Production With Sand In The Canadian Heavy Oil Industry, Dr. Maurice Dusseault, March 2002].
"Our goal is to provide exceptional shareholder returns in a rising oil market, and to provide greater exposure to petroleum prices by maximizing our in-place resource per common share. Remaining centered exclusively in North America as a means to minimize risk, our emphasis is on full-cycle exploration," says Manny Dhinsa. Strata Oil & Gas is a junior petroleum exploration company, with its head office located in Calgary, Alberta.
Strata Oil & Gas is a trademark of Strata Oil & Gas Inc. This announcement contains forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, risks related to petroleum exploration, limited access to operating capital, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Strata's filings with the Securities and Exchange Commission which may be accessed through the SEC's web site at http://www.sec.gov.