Strata Oil & Gas Inc ("Strata") (OTCQB: SOIGF), is pleased to report that the company's Board of Directors has unanimously approved the allocation of up to $10 million of the company's capital plan towards proving up the known resource of its 100% owned Cadotte West Project in the Peace River Oil Sands area of Alberta, Canada.
Strata's $250 million capital plan to develop its Cadotte Main Project is expected to result in commercial production of up to 56,000 barrels a day by 2017.
"We've decided to expand the scale and scope of the Cadotte project to include an aggressive resource development plan for the western leases," stated Ron Daems, President and CEO of Strata. "We've done this because we believe there is the potential to dramatically increase Strata's Contingent Resource, well beyond the 517 million recoverable barrels it is currently at. We believe the western leases could greatly expand our world-class Cadotte Project, which is why we've approved this revision to our capital plan."
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 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.