Strat Petroleum Announces Development of Ementajevskoje Oil Site 3/29/2005 4:41:02 PM
TORONTO, Mar 29, 2005 (BUSINESS WIRE) -- Strat Petroleum, Ltd. (National Quotation Bureau: SPRL).
Strat Petroleum, Ltd. today announced the initiation of the development of the Ementajevskoje oil field. With finalization of an agreement to receive funding and develop the first well, the company has begun a feasibility study of the site which should be completed sometime in April.
The Ementajevskoje oil site, the license to which is currently owned by the Industrial Scientific Centre, has proven reserves of over 11.25 million barrels of crude oil, and probable reserves of over 26.0 million barrels. The company has an agreement with the Industrial Scientific Centre to establish a 50/50 joint venture, and an 80% net profit interest to develop the field.
Upon completion of the feasibility study, the company will order the drilling rigs out to the site, and expects drilling to commence in early May. Production is expected to begin in late June.
"We are very excited to see our plans progress," Sam Hyams, President and Chief Executive Officer of Strat Petroleum Ltd was quoted as saying. "We had hoped to begin developing and drilling within 60 to 90 days of the announced agreement on February 16th of this year, and we feel confident with that timeline."
In other news, the Company announced its continued due diligence progress on analyzing and verifying geological and legal documentation presented to the company on other fields, and expects to release further updates in the very near future.
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.
Investor Relations/Corporate Communication
Kathy Bassi, 1-905-714-0058
www.stratpetroleum.com
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