From Garbage To Gucci

[TraderRich]

Strat Petroleum Reaches Agreement for Implementation of Sludge Processing Solution


TORONTO, Dec 14, 2006 (BUSINESS WIRE) -- Strat Petroleum, Ltd. (SPRL :
strat pete ltd com new

SPRL0.02, 0.00, -11.1% ) , an emerging exploration and development company focusing on oil and gas opportunities in the Russian Federation, today announced the results of their recent trip to Russia. While overseas, Company management presented their solution for the treatment of oil sludge to Rosneft's operation in the Stavrapol Region and to a number of local oil and chemical companies at the Academy of Science in Bashkorstan.
The end results of the presentations were very positive. Strat was able to sign a joint working agreement directly with the Academy to process an additional 2 million tons of sludge.
The Stavrapol presentation also proved fruitful as the Company was able to gain acceptance of its solution by Rosneft for application to that company's numerous sludge pools in the Region. Strat is currently completing a proposal that would see a pilot plant installed in early 2007, followed by plants at additional locations as determined.
Rosneft is the world's second largest company in terms of proved SPE oil reserves and Russia's second-largest hydrocarbon producer with production of over 1.72 million bpd. Headquartered in Moscow, the Company also owns two refineries, which have a combined capacity of 10 million tons per year, as well as four main oil export terminals and a nationwide network of over 600 service stations. In 2005, the company's revenues exceeded $24 billion USD.
In order to capitalize expeditiously on these opportunities, Strat is working in conjunction with its technical and chemical consultants towards completing the design and specifications for the pilot sludge processing plant expected to be installed by the middle of Quarter 1, 2007.