Company News
Strata Oil & Gas Inc. Announces Its Results for the Interim Period Ended June 30, 2006
October 6, 2006
Strata Oil & Gas Inc (SOIGF-OTCBB) announced today the company's Balance Sheet and Income Statement for the quarter ending June 30th, 2006.

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 www.sec.gov

STRATA OIL & GAS INC. (Formerly Stratabase Inc.) (An Exploration Stage Company) BALANCE SHEETS (Expressed in US Dollars) JUNE 30 DECEMBER 31 2006 2005 (unaudited) ============ ============ Assets Current Cash $ 5,207,674 $ 74,436 Receivables 4,329 6,638 Prepaid expenses 2,054 - Investments - available for sale (Notes 4 and 5) 61,961 - ------------ ------------ Total current assets 5,276,018 81,074 Oil and gas property interests (Note 6) 1,484,639 128,733 ------------ ------------ Total Assets $ 6,760,657 $ 209,807 ============ ============ Liabilities and Stockholders' Equity Liabilities Current Accounts payable $ 21,103 $ 18,536 Accrued liabilities - 38,693 ------------ ------------ Total current liabilities 21,103 57,229 ------------ ------------ Stockholders' equity Preferred stock, no par value, unlimited shares authorized and unissued - - Common stock, no par value, unlimited shares authorized; 27,487,544 shares issued and outstanding at June 30, 2006 (December 31, 2005 22,113,944) 7,011,684 529,834 Additional paid-in capital 11,723,665 4,268,258 Accumulated deficit (2,748,790) (2,748,790) Deficit accumulated during the exploration stage (9,164,330) (1,866,518) Accumulated other comprehensive loss (82,675) (30,206) ------------ ------------ Total stockholders' equity 6,739,554 152,578 ------------ ------------ Total Liabilities and Stockholders' Equity $ 6,760,657 $ 209,807 ============ ============

STRATA OIL & GAS INC. (Formerly Stratabase Inc.) (An Exploration Stage Company) INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Expressed in US Dollars) FOR THE THREE MONTHS ENDED JUNE 30 2006 2005 (unaudited) (unaudited) ------------ ------------ Expenses Salaries and benefits $ 208 43,974 Professional fees 20,381 12,687 Office and sundry 25,813 12,323 Rent - 5,450 Consulting fees 22,757 18,697 Transfer agent fees 2,085 - Depreciation - 4,410 Stock-based compensation (Note 4) 6,538,901 - ------------ ------------ (6,610,145) (97,541) ------------ ------------ Other income (expenses) Interest and miscellaneous income 7,551 1,271 Interest expense - - Gain on settlement of loan (Note 5) 132,564 - ------------ ------------ 140,115 1,271 ------------ ------------ Loss from continuing operations (6,470,030) (96,270) Income (loss) from discontinued operations (Note 7) 130,000 (19,599) ------------ ------------ Net loss for the period (6,340,030) (115,869) Other comprehensive loss Unrealized holding loss on investments available for sale (Note 5) (53,382) - Foreign currency translation adjustments (256) (1,724) ------------ ------------ Comprehensive loss (6,393,668) (117,593) ============ ============ Basis and diluted loss per share From continuing operations (0.26) (0.00) From discontinued operations 0.01 (0.00) ------------ ------------ (0.25) (0.00) ============ ============ Weighted average shares outstanding 24,927,482 21,829,944 ============ ============ FOR THE SIX MONTHS FROM ENDED JUNE 30 ENTERING THE EXPLORATION 2006 2005 STAGE TO JUNE 30, (unaudited) (unaudited) 2006 ------------ ------------ ------------ Expenses Salaries and benefits $ 10,564 $ 72,227 $ 67,333 Professional fees 21,677 14,228 54,370 Office and sundry 37,824 22,700 58,323 Rent - 10,973 9,414 Consulting fees 42,842 33,697 61,916 Transfer agent fees 2,875 - 7,515 Depreciation - 8,913 5,607 Stock-based compensation (Note 4) 7,455,407 - 9,147,078 ------------ ------------ ------------ (7,571,189) (162,738) 9,411,556 ------------ ------------ ------------ Other income (expenses) Interest and miscellaneous income 10,813 2,314 18,353 Interest expense - - (26,444) Gain on settlement of loan (Note 5) 132,564 - 132,564 ------------ ------------ ------------ 143,377 2,314 124,473 ------------ ------------ ------------ Loss from continuing operations (7,427,812) (160,424) (9,287,083) Income (loss) from discontinued operations (Note 7) 130,000 (57,669) 122,753 ------------ ------------ ------------ Net loss for the period (7,297,812) (218,093) (9,164,330) Other comprehensive loss Unrealized holding loss on investments available for sale (Note 5) (53,382) - (53,382) Foreign currency translation adjustments 913 (1,400) 523 ------------ ------------ ------------ Comprehensive loss $ (7,350,281) $ (219,493) $ (9,217,189) ============ ============ ============ Basis and diluted loss per share From continuing operations $ (0.32) $ (0.01) From discontinued operations 0.01 (0.00) ------------ ------------ $ (0.31) $ (0.01) ============ ============ Weighted average shares outstanding 23,573,292 21,332,706 ============ ============

Contact:
Terry Uppal, Investor Relations
Toll-free 1-800-488-0032

 
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