Strata Oil & Gas Inc. ("Strata") (OTCBB: SOIGF) has entered into an option agreement with the University of Alberta for the exclusive Canadian license to the technology relating to "Steam-Over-Solvent Injection for Heavy-Oil Recovery in Fractured Reservoirs" described in part in the Canadian patent application "Hydrocarbon Recovery Process for Fractured Reservoirs" (serial no. 2,639,997).
The technology has been developed by Dr. Tayfun Babadagli's team at the University of Alberta to extract bitumen from fractured carbonates. "As the University of Alberta's exclusive technology transfer agent, TEC Edmonton looks for local licensing opportunities so that the benefits from local discoveries benefits local businesses," says David Cox, CEO of TEC Edmonton. "Through the licensing of this technology, oil reserves have the possibility of being accessed with reduced environmental impact. This is great for our environment and for Strata."
"The carbonate-hosted bitumen resources of Alberta are the next frontier in the North American oil industry. Like oil sands two decades ago, carbonates represent an enormous and relatively untapped petroleum resource," said Manny Dhinsa, President of Strata.
Strata owns 100% of the world-class Cadotte Project in the Peace River region of Alberta, a projected 56,000 barrel-per-day operation with an expected production life of more than 20 years and a discounted net-present-value of $1.2 billion.
"According to lab research, this novel extraction technology results in much faster recovery and could yield up to 80%-95% compared to less than 20% with conventional techniques," says Mr. Dhinsa.
The technology is easily implemented using established equipment and extraction materials. It is also environmentally-friendly in that it allows for material-recycling and reduced thermal treatment.
"The reason we entered into this option agreement for the exclusive Canadian license is not just to test the technology on our Cadotte Project, but also because we believe the technology might be applied successfully to the entire carbonate-hosted bitumen triangle, which comprises 26% of Alberta's 1.7 trillion barrel bitumen resource."
About Strata Oil & Gas
Strata Oil & Gas Inc. is a Canadian junior exploration company focused on carbonate-hosted bitumen deposits in the Peace River area of Alberta, Canada. Strata's current total land holdings consist of approximately 112,692 acres with 111,692 acres (approximately 165 sections) being located in the Peace River area.
About TEC Edmonton
TEC Edmonton helps transform high-tech discoveries into viable business opportunities. Through our business services, TEC Edmonton provides assistance with technology evaluation, intellectual property protection, business plan development, marketing research, corporate management and funding preparation. A unique not-for-profit enterprise, TEC Edmonton is a joint venture between Edmonton Economic Development Corporation (EEDC) and the University of 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. All statements made herein concerning the foregoing are qualified in their entirety by reference to the Pre-Feasibility Study which has been filed with the SEC. 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.