Strata Power Corporation ("Strata") (SPOWF) announced that it has changed its name from Strata Oil & Gas Inc to Strata Power Corporation. This is to reflect the new focus of Strata, which is on the development of clean technologies as applied to bitumen. Strata's mission is to develop alternative uses for bitumen which maximize bitumen's economic value, yet minimize its environmental impact.
Alberta's oil sands are the third largest oil reserves in the world, and have been estimated at 165 billion barrels. And yet, while these bitumen reserves are of great value, the environmental impacts and social acceptance are areas which are increasingly being addressed by industry. Greenhouse gases, water usage, changes to air quality, and effluent discharge are specific areas relating to the environmental impact and risks associated with the manufacture of bitumen. Issues with social acceptance are increasingly requiring means of mitigation, as well. Strata seeks to address these market needs through the development and implementation of clean technologies as applied to bitumen.