Strat Petroleum Completes Delivery of Processed Oil from Sludge
via COMTEX
November 14, 2006
TORONTO, Nov 14, 2006 (BUSINESS WIRE) --
Strat Petroleum, Ltd. (OTC:SPRL), an exploration and development company focusing on oil and gas opportunities in the Russian Federation, announced today that Strat Nafta Ufa (SNU), its joint venture in the Republic of Bashkorstan, has completed the initial shipment of processed oil from oil sludge. Each shipment contains approximately 200 barrels towards a total delivery of between 400 and 500 barrels per week with current equipment and technology. The joint venture is investing in additional equipment that is expected to increase production and shipment to approximately 150 bpd within the next 30 days.
In its efforts to rapidly improve production, Strat continues to work closely with a U.S. chemical company whose proprietary technology is projected to significantly increase daily processing capacity. Current testing indicates that the Strat Nafta Ufa plant should process at least 50 metric tons (MT) of sludge per hour, operating on a 24 hour 7 days a week basis. The processing equipment and methodology currently being employed will be scalable to process several hundred tons of sludge per hour once the plant is up and running at full capacity. Expectations are that recovery of crude oil should average between 40 to 50 percent of sludge processed, resulting in a production capacity range of 140 to 175 barrels of crude oil per hour. This process and technology will be superior to any processing solution available in the market today.
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.
SOURCE: Strat Petroleum, Ltd.
Strat Petroleum, Ltd. Tanya Hyams, 905-761-9169
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