Strat Petroleum, Ltd. Reports Results from Rozhdestvenskoe Oil Site 9/24/2004 12:23:00 PM
TORONTO, Sep 24, 2004 (BUSINESS WIRE) -- Strat Petroleum, Ltd. (NQB: SPRU) has acquired an option to purchase an additional 24.5% interest of the Rozhdestvenskoe oil site.
Initial results indicate:
(1) The field currently has two producing wells, #230 which
produces 375 barrels per day and #236 producing 600 barrels per
day, which generate over $500,000 per month in revenues.
(2) The existing two wells have proven reserves of 5.7 million
barrels and will require investment of $4 million and about 60
days to double the production.
(3) The size of the field exceeds 600 sq. km and to date only 9.24
sq. km. have been explored.
(4) Strat Petroleum, Ltd. will immediately participate in any
revenues earned by the joint venture.
(5) A more detailed and complete feasibility study will be
performed to determine the full potential of the property.
The company has engaged the services of Emerging Markets Finance International, LLC, a US-UK financial advisory group from England to target and identify suitable strategic partners. Emerging Markets Finance has been active in various projects in the oil industry. We are excited with our new association and the expertise they provide. More information on EMFI can be obtained at www.emfi.biz.
The Orenburg Region is a leading oil and gas producer. Exploration has revealed over 140 oil and gas deposits. 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. Only about 1% of proven reserves have been extracted, leaving significant quantities yet to be exploited.
Strat Petroleum, Ltd. strategy is to enhance shareholder value through the acquisition of oil & gas properties with proven reserves or producing/capped wells. Should you wish any additional information on our projects or management team, please visit our website at www.stratpetroleum.com or contact our Investor Relations office. Due to the volume of interest we will make every effort to respond as promptly as possible.
SOURCE: Strat Petroleum, Ltd.
Strat Petroleum, Ltd.
Investor Relations/Corporate Communication
Kathy Bassi, 905-714-0058
www.stratpetroleum.com
. |
