CALGARY, ALBERTA–(Marketwired – June 11, 2013) – Strata Oil & Gas Inc. (“Strata” or the “Company”) (OTCQB:SPIGF), today released a regional update on bitumen production in the Peace River and nearby Athabasca regions of Alberta. Strata Oil recently completed a resource evaluation on both its Cadotte Central and Cadotte West holdings, a step that brings the Company to the cusp of the completion of Phase 1 of a five phase plan to develop its 52,480 acre holdings.
“This is all tremendous news for Strata Oil shareholders. These large companies, our neighbors, are committing billions to producing bitumen from both sands and carbonates, even to the extent of building a $600 million pipeline to support it. This truly is an industry turning point. Carbonate-hosted bitumen is no longer a prospective target, but rather an economically viable, emerging world-class resource which will soon be flowing into domestic and international markets,” says President and CEO of Strata Oil & Gas, Ron Daems.
All of this progress and advancement in the Alberta oil sands, including the Peace River region, attests to the economic viability of the carbonate play and its potential for tremendous growth. Major participants in this region continue to develop plans to increase production and pipeline infrastructure, ensuring the play’s continued success.
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. 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 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.