Strata Oil Provides Semi-Annual Update Re Bitumen Production
CALGARY, ALBERTA -- (Marketwired) -- 11/18/13 -- Strata Oil & Gas
Inc. (OTCQB:SOIGF)(OTCBB:SOIGF) today released its semi-annual update
on bitumen production in the Peace River and nearby Athabasca regions
Recent activity in Alberta's Carbonate Triangle signals future
expansion for oil companies in the region.
-- Strata Oil's recent core analysis provided new findings to validate the
positive economics of the Cadotte oil project. This in-depth study
conducted for Strata's Debolt reservoir revealed reservoir quality rock
as well as a primary pay zone that may be much thicker than previously
-- Suncor Energy, the largest oil and gas company in Canada, along with
their joint-venture partners, Total S.A. (a French oil company) and Teck
Resources Ltd. (a Canadian diversified miner), has announced that they
will be moving forward with their Fort Hills mine project located in the
Athabasca oil sands in northeastern Alberta. The project has been
restarted after it was put on hold during the economic crisis of 2008.
Suncor estimates that first oil production will begin in the fourth
quarter of 2017, climbing up to 180,000 barrels of oil per day inside of
-- Shell Canada has given the go-ahead on its Carmon Creek project (located
next door to Strata Oil). This project was put on hold 3 years ago in an
attempt to conserve money, and although final costs haven't been
estimated for the project, it is anticipated to cost billions. This
project could commence production around 2017 with a projected 80,000
barrels of oil per day.
-- The Alberta and British Columbia governments have reached an agreement
on the Northern Gateway Pipeline as of November 5, 2013. This agreement,
long in the making, would give the Peace River oil sands a direct
"gateway" to the Canadian West Coast and open the door to vast exports
-- Alberta's premier will head to Washington this week to push for approval
of the Keystone Pipeline. Although the future of the Keystone Pipeline
is not finalized, environmentalist opposition has waned and the southern
portion of the pipeline, which extends from Cushing, OK to the Gulf
Coast Refineries in Texas, has been completed by Trans Canada. A
decision is expected on the Keystone Pipeline next year. The pipeline
opens up additional market access for Alberta Bitumen.
-- Laricina Energy is expected to begin clearing for their Stony Mountain
Pipeline project in the western Athabasca Oil Sands in the winter of
2013/2014, near the Laricina Saleski project. This is very positive news
for the company since they received regulatory approval from the
government of Alberta for the Saleski Project Phase 1 expansion in July
of this year. The Saleski project targets bitumen carbonate in the
Grosmont formation and is designed to produce 10,700 barrels of oil per
President of Strata Oil, Ron Daems, speaking to the significance of
these events said, "The Carbonate Triangle is flourishing with
activity, and the continued development of the massive crude deposit
bodes well for shareholders of Strata Oil."
About Strata Oil & Gas
Strata Oil & Gas is a US-publicly traded company focused on the
exploration and development of heavy oil from carbonates. The Company
currently holds a 100% interest in 52,480 acres of oil sands leases
in the Peace River region of Alberta's Carbonate Triangle. Strata's
Cadotte project has been independently evaluated, with a resource
base of 3.44 billion barrels in-place with 887 million recoverable
barrels. Strata's existing world-class Cadotte Central project of
56,000 barrels-per-day over 20 years is valued at NPV $1.3 billion.
For more information, go to the Company's website at
Strata Oil and Strata Oil & Gas are trademarks of Strata Oil & Gas
Inc. This announcement contains forward-looking statements which
involve risks and uncertainties that include, among others, limited
operating history, risks related to petroleum exploration, limited
access to operating capital, and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
All statements made herein concerning the foregoing are qualified in
their entirety by reference to the following Norwest Reports:
Evaluation of Bitumen Resources Cadotte Leases (2013), Resource
Reclassification (2010), Bitumen Hosted Carbonate Pilot Projects
(2008), Preliminary Feasibility Study (2008), Evaluation of Bitumen
Resources Cadotte Leases (2007), which have been filed with the SEC.
More information is included in Strata's filings with the Securities
and Exchange Commission which may be accessed through the SEC's web
site at www.sec.gov.
Strata Oil & Gas Inc.
1-877-237-5443 or 1-403-237-5443
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