CALGARY, ALBERTA -- Strata Oil and Gas (SOIGF), a leader in the exploration and development of heavy oil from carbonates, today provided an update on activities and events at and near its Cadotte Project, located in the Peace River region of Alberta's Carbonate Triangle. Currently, the company is executing on Phase 1 of a five phase plan to develop its 52,480 acre holdings.
- In late April 2012, the company announced that it had engaged Norwest Corporation, an international consulting firm, to conduct an independent 51-101 compliant engineering resource evaluation of 22 sections of its Cadotte West holdings. The company stated that the evaluation is on track to be completed in July.
- In its 2011 Annual Report released on June 20, the Alberta Energy Resources Conservation Board (ERCB) reported that crude bitumen reserves under active development in the Carbonate Triangle reached 26.8 billion m3 (168.6 billion barrels), more than double 2002 levels.
- Overall raw bitumen production in the region in 2011 increased 8% over 2010, according to the ERCB report. The agency projected raw bitumen production to reach 3.7 million barrels a day by 2021.
- According to the ERCB report, upgraded in situ bitumen production is expected to grow from 9% of total production in 2011 to 14% by 2021. The agency forecasted growth in upgraded in situ bitumen production to outpace mining production by 2015 and to reach 81.6 million m3 (513 million barrels) by 2021.
"Bitumen production and development projects continue to expand in the Carbonate Triangle, which today is the third largest crude reserve in the world and the largest open to investment by private oil companies," said Ron Daems, president of Strata Oil and Gas. "While the enthusiasm for the potential of bitumen reserves from Alberta's Carbonate Triangle continues to grow, less than 5% of the initial reserves estimated have been brought into production. This reaffirms our belief that the growth opportunity and commercial extent of our project in the Peace River region is substantial and will ultimately translate into enhanced value for our shareholders."