Strata Oil & Gas Expands Oil Sands Holdings Another 50 PercentNovember 2, 2006
Strata Oil & Gas Inc (OTCBB: SOIGF) announced today that it has increased its Peace River oil sands rights holdings by more than 35,000 acres representing 9 parcels, increasing the size of its Alberta oil sands land base by approximately 50 percent. The parcels are contiguous to Strata's Cadotte oil sands project and its Bearhead oil sands project. Strata's oil sands holdings in Peace River now comprise approximately 106,000 acres (about 165 sections), making Strata one of the largest players in the Peace River oil sands region of Alberta.
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].
Management will be thoroughly reviewing the data associated with these parcels. News will be communicated to shareholders once completed.
"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. We are continuing to delineate our substantial in-place resource on our 106,000+ acres of oil sands land base. We have defined targets for our upcoming exploration program and will continue to identify additional drill targets during this coming quarter as we further assess our extensive oil sands holdings," 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 www.sec.gov.