Strata Oil and Gas (SOIGF:OTC), a leader in the exploration and development of heavy oil from carbonates, today provided updates on its $1.3 USD billion Cadotte Project and the surrounding "Carbonate Triangle" region of Alberta.
"Since our initial discovery at Cadotte, Strata has been a leader in advancing the commercial viability of Alberta's vast Carbonate Triangle bitumen resources. In 2011, strong advances in oil recovery technology have made it clear that the enormous carbonate-hosted bitumen resources of Alberta are now recognized on the world stage as economically viable and of tremendous value," said Ron Daems, president of Strata Oil and Gas.Highlights
- During 2011, companies in the Carbonate Triangle region began producing commercial quantities of oil from pilot carbonate drilling projects.
- Alberta's government has already received applications to expand production to 25,000 bbls per day by 2014 from two producers.
- Acquisitions of oil interests in the Carbonate Triangle region for 2011 totaled more than US $4.2 billion through October 2011.
- Current pilot projects underway utilize steam, thermal assisted gravity drainage and other modern technologies.
Currently, Strata is executing on Phase 1 of a five phase plan to develop its 100%-owned 52,480 acre holdings, located in the Peace River region of Alberta's Carbonate Triangle. The project is conservatively estimated to produce up to 56,000 bbls per day by 2017.
During 2011, the Company announced an independent economic analysis of its 100%-owned Cadotte Project, which was assigned a net present value of $1.3 USD billion. In addition, the Company announced the expansion of the scale and scope of the Cadotte Project, which may increase the net recoverable estimates dramatically beyond its 517 million bbls contingent resource.
"Today, more than $170 billion worth of oil sands related projects in Alberta are currently underway or proposed, with a substantial portion of these located within the Carbonate Triangle. As the industry continues to improve in-situ recovery techniques, the capacity for Strata to expand its potential production capacity is increasingly more likely as we continue to make progress in executing on our five phase plan," said Daems. "With rising oil prices and demand continuing to grow, the Carbonate Triangle region of Alberta is well positioned to become a substantial and strategically important source of oil in the near term. With a contingent resource of 517+ million barrels, Strata is well positioned to deliver world-class value to its shareholders in the months ahead."
Strata Oil and Gas is a US-publicly traded company focused on exploration and development of heavy oil from carbonates. The company currently holds 52,480 acres in the Peace River region of Alberta's Carbonate Triangle.
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.