Strat Petroleum Announces Reaching an Understanding to Acquire 50% Interest in Oil & Gas Drilling and Exploration Company in Orenburg 3/8/2005 4:52:02 PM
TORONTO, Mar 08, 2005 (BUSINESS WIRE) -- Strat Petroleum, Ltd. (National Quotation Bureau: SPRL).
In line with our strategy of building shareholder value by acquiring assets or seeking out opportunities with significant potential and probability of success, the Company has reached an understanding to acquire a 50% interest in Saraktasch Oilgas Drilling Expedition Co., located in the Orenburg Region, through a share exchange.
Saraktasch is a drilling and exploration Company with six drilling rigs, and over 150 employees servicing, Companies like, Gasprom, Orenburghneftegas, TNK, Burgas, Gas & Oil Co. and others under long-term contracts. The Company also owns various other assets, such as land, storage facilities and equipment to support its operations.
The opportunity available to Strat Petroleum is to share in future revenues from contracts currently in place; grow the business through the investment in more advanced drilling, exploration and recovery technologies; and add other services to offer its clients. A further growth opportunity offered through this venture is to secure crude oil and other refined products for sale into local and export markets.
This venture will also provide many new opportunities in the Region for the Company to partner with its clients in other projects, and currently some of these opportunities are being evaluated to determine the level of commitment, if any, the Company will be making.
Strat Petroleum, Ltd.'s 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.
Kathy Bassi, 1-905-714-0058
www.stratpetroleum.com
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