CALGARY, ALBERTA - Strata Oil and Gas (OTCQB:SOIGF), a leader in the exploration and development of heavy oil from carbonates, today announced that the company has initiated a search to engage an engineering firm to conduct a 51-101 compliant engineering resource study of 22 sections of its Cadotte West holdings. The Cadotte East holdings recoverable barrels are estimated at 517 million, and classified as Contingent.
Currently, Strata is executing on Phase 1 of a five phase plan to develop its 52,840 acre holdings, located in the Peace River region of Alberta's Carbonate Triangle. The Cadotte West holdings comprise of approximately 14,080 acres. Strata's 100%-owned Cadotte project is projected to produce approximately 56,000 barrels per day, with a net present value of $1.3 billion.
"The engagement of a reputable and respected engineering firm to complete the independent resource study of our Cadotte West holdings is an important element of our Phase 1 plan to obtain an accurate and realistic indication of our holdings," said Ron Daems, president of Strata Oil and Gas. "While we are aggressively pursuing identifying the right joint venture partner to develop our Cadotte holdings, we recognize and remain focused on expanding the contingent resource, to maximize shareholder value."