Strata Oil & Gas is pleased to announce it has engaged a Calgary-based petroleum exploration firm to assist in the planning, permitting and execution of a core hole drilling program on its 100%-owned Peace River Oil Sands project in Alberta.
"Initially the company intends to map out its drill plan in greater detail such that core hole drilling program can be completed as soon as possible. We are pleased to now have the support in place for program-execution and onsite operations," says Manny Dhinsa, president of the company.
The company's Peace River Oil Sands project is approximately 35 miles to the southwest of Blackrock's Seal project and 40 miles south of Shell Canada's Peace River complex. Production in the area, which was once thought to require expensive thermal operations, has now been shown to be viable using cold production technology (CHOPS). Data was analyzed from 21 existing wells that have been drilled on the leases and an additional 165 wells in the area surrounding them.
After reviewing the available geological data, the company's scientific team has recommended initiation of aggressive exploration on its wholly-owned 26,000 acre oil sands package. The land package is located in the Peace River oil sands region of Alberta which is estimated to contain more than 188 billion barrels of oil [Alberta Department of Energy, Cold Heavy Oil Production With Sand In The Canadian Heavy Oil Industry, Dr. Maurice Dusseault, March 2002].
"We believe the upside on our Peace River leases is substantial, and we are aggressively carrying out exploration with a goal to develop our 100%-owned oil sands project in a timely manner. Strata is uniquely positioned 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" says Manny Dhinsa, president of the company. 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.