CALGARY, ALBERTA–(Marketwired – May 28, 2013) – Strata Oil & Gas Inc. (OTCQB:SOIGF) is pleased to announce the completion of its 51-101 compliant Technical Resource Evaluation of the 22 sections (approximately 14,080 acres) of its Cadotte West holdings in the Peace River region of Alberta, Canada. This resource evaluation adds 1.4 billion barrels of Petroleum-Initially-In-Place (PIIP as per COGE Handbook definition) to Strata’s present resource base bringing it to a total of 3.4 billion barrels in place. The resource evaluation was completed for Strata independently by Norwest Corporation (“Norwest”) of Calgary, Alberta. Norwest also completed the resource evaluation of Strata’s Cadotte Central holdings.
The report is available here: http://www.strataoil.com/report/
The Cadotte West project is located on 22 sections northwest of Shell’s Carmon Creek Project and is contiguous to the company’s Cadotte Central property holdings. As anticipated, the Debolt, Elkton, and the Bluesky/Gething ore zones are continuous from the Cadotte Central property through to the Cadotte West property. Highlights of the report confirm up to 18 meters Net Thickness in parts of the Bluesky/Gething ore zone and up to 20 meters Net Thickness of the Debolt ore zone in some sections of Cadotte West.
Commenting on the results, Ron Daems, President and CEO of Strata Oil & Gas, states, “Strata holds 82 sections total in the Cadotte area and the completion of the resource evaluation of Cadotte West constitutes substantial progress in line with Strata’s Development and Production Plan. The report confirms similar pay thicknesses and grades for the Debolt formation in the West as in Cadotte Central. We are extremely delighted to report that the ore zone thickness and grade in the Bluesky/Gething formation running through Cadotte West is far better than originally anticipated. The Bluesky/ Gething formation is the Cretaceous Oil Sands (clastics) formation from which our close neighbors are today producing oil via primary cold-flow recovery techniques.”
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 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 www.strataoil.com.
Strata Oil & Gas is a trademark 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.