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Strat Petroleum Reaches Agreement for Implementation of Sludge Processing Solution
via COMTEX
January 23, 2007
TORONTO, Jan 23, 2007 (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.
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