Strat Petroleum Ltd (SPRL)

[greenbullz]

http://www.wallst.net/audio/audio.asp?ticker=JMCP&id=3379


in this interview with frank love, he explains his focus in the oil business. 1. Oil sludge- which turned out to be a joint venture with Sprl.
Another focus is 150 wells in PA "the Quaker State" which I believe will be a joint venture with EOR Petroleum which Sam is CFO. listen to this interview and then read this portion from the EOR website. not hard to put the pieces together. Now what will the link between SPRL and EOR be?


from EOR website.
The company intends to initially secure options for wells on a number of properties in Venango County, PA, and then expand to other regions of the US based on the amount of funding available, cash flows generated, and value of the leases. Research indicates that secondary oil has never been recovered in the Venango Sandstone Formation. The longer term strategy is to reinvest the majority of cash flows generated to acquire as many wells as would be feasible to manage, and enter into optional agreements with owners of wells abroad to apply our solution.

Estimates have the proven secondary oil reserves at approximately 330 million barrels (1 Million Barrels = 1 MMbls) of oil in the Appalachian Basin Reservoir, based on a report by the US Department of Energy, with OOIP (Original Oil in Place) remaining reserves exceeding 60 billion barrels. The first two options the JV is securing have OOIP estimates in excess of 40 MMbls, based upon surveys performed by Quaker State on the immediately adjacent properties during the mid-1970s.

EORP has set a strike target of treating up to 20 new wells per month by each two-person crew. Thus based on available funding and cash flows, all 154 wells could be treated by two crews within 4 months. Further expansion of wells will be dependant on our local management’s ability to recruit qualified staff. This limiting factor is a given with the current level of activity in the oil industry. Our local management, however, is confident they can recruit workers who have left the industry once commitment is in place with funding and a program to rebuild wells on an ongoing basis.
http://www.eorpetroleum.com/71/index.html