NEWS! (BSNS WIRE) Strat Petroleum Reaches Agreement for Implementation of Sludge Processing Solution
Business Editors / Energy Editors
TORONTO--(BUSINESS WIRE)----
Strat Petroleum, Ltd. (OTC:SPRL), an emerging exploration and
development company focusing on oil and gas opportunities in the
Russian Federation, today announced that its sludge oil recovery
project in Bashkorstan continues to ship approximately 300 bbls per
week. Due to harsh winter conditions this season the Company has
decided to minimize risk and maintain current production levels with
the expectation that the originally projected 100 bbls per day
recovery will be achieved as the weather warms up heading into the
Spring.
In order to increase revenues and profitability, Strat's local
joint venture has signed an agreement with a regional oil refinery to
process the Company's recovered oil into heating oil. This additional
step in the sludge processing chain will improve overall gross margins
on every barrel to upwards of 50%. Delivery of the 300 bbls/week to
the refinery began January 8, 2007 with intent of an increase to 400
bbls/week beginning January 22, 2007. The refinery has allocated
storage facilities of up to 1,500 bbls of delivered product, which
will be refined within three days of receipt.
About Strat Petroleum:
Strat Petroleum is an emerging exploration and development company
focusing on investment in oil and gas properties and other related
projects in the Russian Federation. For more information, please visit
the company website at www.stratpetroleum.com. The company's phone
numbers are: 905-761-9169 (main), 416-628-8018 (fax) and 646-216-9751
(U.S.).
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*T
Investor Relations/Corporate Communication
Lynx Consulting Group, Inc.
+1 (858) 488-4049
info@lynxir.com
*T
Statements made in this press release regarding the Company's or
management's intention, beliefs, expectations, or predictions for the
future are forward-looking statements. Such forward-looking statements
are subject to a number of risks, assumptions and uncertainties that
could cause the Company's actual results to differ materially from
those projected in such forward-looking statements. These risks,
assumptions and uncertainties include: the ability to compete
effectively in a rapidly evolving and price competitive marketplace;
uncertainties of completing business transactions; uncertainties of
raising necessary capital; no control over long term pricing; possible
reductions in demand for our products and services due to competition
or changes in industry conditions or political environment; changes in
the nature of energy regulation in the Russian Federation, the United
States and other countries; political risk; currency exchange risk;
changes in business strategy; the successful integration of
newly-acquired businesses; the impact of technological change;
reliance on management and management contacts; and other risks that
may be referenced from time to time in the Company's filings with the
Securities and Exchange Commission.
CONTACT INFORMATION:
Strat Petroleum, Ltd.
Tanya Hyams, 905-761-9169
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