SPRL news today. Early Next year production capacity more than 1000B(arrels)P(er)D(ay)...You do the math...
SPRL .011 NEWS!(BSNS WIRE) Strat Petroleum Completes First Stage Financing & Begins Processing of Oil Sludge
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 it has completed a letter of
intent to form a joint venture with a private European entity to begin
processing of the oil sludge reservoirs acquired by its subsidiary
Strat Nafta Ufa (SNU) in the Republic of Bashkorstan.
The agreements, currently being completed, will provide the first
stage of financing required to establish between two and three units
to process significant quantities of sludge on a daily basis. Although
all agreements have yet to be completed, financing for the first unit
has already been provided and mutual commitments have begun; the first
shipment of approximately 150 barrels of crude oil to be provided
under contract to a local customer at a profitable price will be
delivered on October 27th. The SNU joint venture has signed an
agreement with this customer to supply at least 300 bpd and has lined
up additional customers for future production in excess of the 300
bpd.
During the past few months Strat has been performing extensive due
diligence in the form of evaluation and testing of various solutions
available to process oil sludge. In our attempts to arrive at a
solution that would not only be effective but very efficient and
economical, Strat had to review several available solutions. Strat
believes it has arrived at a very good and economical solution that
includes mechanical and ground breaking chemical formulae to generate
maximum profit and highest shareholder value.
Strat's primary objective is to increase production at the first
site within a few weeks to at least 300 bpd with production increasing
to in excess of 1,000 bpd early in the New Year. At the same time
Strat is evaluating new sites to establish processing operations and
will be ordering additional equipment to begin operations early in the
New Year at these sites.
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.).
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.
KEYWORD: EUROPE NORTH AMERICA NEW YORK UNITED STATES CANADA RUSSIA
INDUSTRY KEYWORD: ENERGY OIL/GAS
SOURCE: Strat Petroleum, Ltd.
CONTACT INFORMATION:
Strat Petroleum, Ltd.
Tanya Hyams, 905-761-9169
AI
