Strata Oil & Gas Inc announced today that it has entered into an agreement to acquire the rights to over 20,000 acres of oil sands leases in the Peace River oil sands region of Alberta, increasing the size of its Alberta oil sands holdings by a factor of approximately 50 percent. The rights extend from the Peace River formation to the base of the Pekisko formation. These lands are located next to Strata's Cadotte Project and are situated within the same carbonate trend. Strata considers these lands to be highly attractive from a development perspective and complementary to its existing heavy oil project, which is situated next to Shell Oil's 12,000 bpd Peace River Thermal Complex project which has been in operation for thirty years. Strata will shortly be releasing more information relating to its project expansion.
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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. 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.