SPRL - Strat Petroleum, Ltd. (Bulls Board) Message Board

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Gold/Mining/Energy : SPRL - Strat Petroleum, Ltd. (Bulls Board)

SPRL 0.0001000

+400.2%

Mar 7 3:00 PM EST

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From: jmhollen	4/19/2005 10:17:05 AM
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Strat Petroleum, Ltd. Advances Negotiations with Financing Group for $10 Million Funding for Saratov Oil Site 4/19/2005 10:12:02 AM TORONTO, Canada, Apr 19, 2005 (BUSINESS WIRE) -- Strat Petroleum, Ltd. (Pink Sheets: SPRL) issues update of financing for the Saratov oil site for up to $10 million line of credit towards acquisition and development of the site. The Funding Group is currently completing its due diligence of the documentation received which includes licenses to the fields, preliminary valuation of the licenses by a British petroleum engineering services company, assets owned by the Company, and other reports and documents provided. The Funding Group will be acquiring a 25% working interest in the wells being financed which are initially expected to be drilling of the two producing wells to bring them to commercial production status and then begin drilling of four new sites identified. The funding will not result in any further dilution as no new equity is expected to be issued to the Group. Strat has also been in discussions with a private financing group and has received a letter of intent to fund the Company up to US $10 million to complete the acquisition, increase production from the two producing wells, and drill four new wells for which all approvals have been received. Further news about this opportunity will be released once due diligence and agreements have been completed. 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: 905-714-0058 www.stratpetroleum.com .

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