Strat Petroleum Announces Asset Base for Oil Drilling Joint Venture 3/22/2005 5:10:01 AM
TORONTO, Mar 22, 2005 (BUSINESS WIRE) -- Strat Petroleum, Ltd. (Other OTC:SPRL) today announced that preliminary review of the records of Saraktasch Oilgas Drilling Expedition Co., indicates the assets that will be available to the new joint venture for future drilling services are significant.
The Drilling Co.'s assets include the following:
a) 31 acres of land at US$40,500/acre = US$1.26 million;
b) 24 buildings at US$200,000 = US$4.8 million; and,
c) 6 Uralmash drilling units at US$1,500,000 = US$9.0 million.
Currently the Company drills between 18-20 wells a year at an average cost of $1 million per well.
Strat Petroleum's commitment is to grow the business by providing additional financing; investing in more advanced equipment for drilling and maintenance; and offering other services such as 2D and 3D seismic testing, computerized logging and detailing the fields, etc.
Strat has the opportunity to significantly increase revenues by bartering drilling services in exchange for crude oil at discounts to market. The oil may be exported to surrounding countries at world prices or refined into finished products which will generate even greater profit margins.
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, 905-714-0058
www.stratpetroleum.com
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