Strata Oil and Gas (OTCQB: SOIGF), a leader in the exploration and development of heavy oil from carbonates, today provided an update for its shareholders relating to the increased level of interest it has been receiving from industry and potential partners.
"We have had very productive conversations with several potential partners, although we have rejected their proposals to date. Ultimately, our goal is to engage and structure a partnership that delivers maximum value to our shareholders for this billion dollar asset," said Ron Daems, President of Strata Oil and Gas. "We intend to continue advancing our industry relationships in Asia, to this end."
Strata is currently executing on Phase 1 of its five phase plan to develop the company's 52,480 acre Cadotte project, located in the Peace River region of the Alberta Carbonate Triangle. In 2010, Norwest Corporation completed an independent resource reclassification of the company's Cadotte East holdings which were estimated to contain 517 million recoverable stock tank barrels. Currently, the company is in the process of engaging an independent study of its 14,080 acre Cadotte West holdings.
"With an estimated 188 billion bbls of oil in the Peace River region alone, market interest in the Alberta Carbonate Triangle potential to be a significant energy resource is peaking," Daems continued. "At this stage in our development, it makes sense for Strata to seek a joint venture partner that can accelerate execution of our $250 million capital five phase plan to develop our Cadotte holdings, which based on preliminary studies we believe has the potential to produce more than 56,000 bbls per day of oil with a high side estimated NPV of $1.9 billion USD."
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.