Company Up-Date From The CEO of Strat Petroleum, Ltd. 7/22/2004 11:43:00 AM
TORONTO, Jul 22, 2004 (BUSINESS WIRE) -- Now that Inese Ltd. has acquired control of F2 Broadcast and has renamed it Strat Petroleum, Ltd. (Pink Sheets: SPRU) it is the Company's intention to move from the Pink Sheets and become a fully reporting Bulletin Board Company.
Prior to being placed on the Pink Sheets, F2 Broadcast Network, Inc. was a fully reporting Bulletin Board Company. To become a fully reporting Bulletin Board Company once again, all SEC reports and financials must be brought up to date from the end of 2001. Due to the inactivity of F2 Broadcast since January of 2002 management expects this should not be a time consuming or a costly task. The Company will actively begin interviewing accounting firms with the ability to complete this task in the very near future.
Strat Petroleum, Ltd. was established to build on the strong contacts and relationships our management and other team members have in the Russian Federation and other CIS countries in the oil and gas industry.
Strat Petroleum's corporate strategy is to build strong asset value through the acquisition of licenses for oil and gas properties with proven reserves and where possible with producing or capped wells, initially in the Russian Federation. The Company will look to invest in the development of the fields through direct investment or the establishment of joint ventures. The Company will also look to leverage relationships with local refineries to secure refined oil product for sale to international markets, in order to generate revenues and cash flows. To achieve these objectives, the Company intends to follow an aggressive acquisition and sales strategy and to pursue the best available financing alternative for each opportunity in order to complete such transactions and to realize early returns on investment. Our aim is to be selective in securing those opportunities that have the lowest risk while diversifying sources of revenue through sale of crude oil and refined products.
The initial opportunity available is the right to acquire a working interest in one or more oil and gas fields in the Region of Orenburg, Russia, which is located in the Urals of Western Siberia. The Company is currently negotiating the terms and conditions of the investment and is in the process of raising the necessary funds to complete the acquisition.
Orenburg Oblast (Province) is a leading oil and gas producer. Exploration has revealed over 140 oil and gas deposits there. Proven reserves of oil exceed 963.1 million bbls, while gas estimates are 28.23 trillion Btu. The region has an estimated 40 to 50 years of commercially exploitable natural gas reserves. Orenburg currently produces between 63.5 and 64.3 million bbls of crude oil. However, substantial investment is required in order to further develop the region's oil and gas extraction industries. Only about 1% of proven reserves have been extracted which not only leaves significant quantities yet to be extracted but large tracts of land still untested.
Your management team will be focused on developing the various opportunities presented in order to build a strong Company and above all increase shareholder value.
Should you wish any additional information on our projects or management team, please visit our website at www.stratpetroleum.com or contact our office at (416) 419-6826.
Thank you for your interest in Strat Petroleum, Ltd.
SOURCE: Strat Petroleum, Ltd.
Strat Petroleum, Ltd., Toronto
H. Sam Hyams, 416-419-6826
www.stratpetroleum.com
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