PEACE RIVER, ALBERTA–(Marketwired – Aug. 25, 2014) – Strata Oil & Gas Inc (OTCQB:SOIGF) announced today the appointment of Dave Mahowich to the position of Vice President, Operations.
Mr. David Mahowich has 27 years of experience in the oil and gas sector, including expertise in the Peace River oil sands region, where he oversaw drilling operations for Blackrock Ventures Inc. which was subsequently acquired by Shell Canada Ltd. for $2.4 billion. Mr. Mahowich assisted Blackrock in its transformation into a 13,000 bpd producer, primarily through cold-production from its heavy oil assets in the Peace River region located 40 km to the southeast of Strata Oil’s Cadotte project. After Blackrock was acquired, Mr. Mahowich continued in the region with Shell.
Mr. Mahowich’s professional experience has included drilling and completion program management and operations, oilfield manufacturing, and business/assets development with a specific focus on heavy oil and bitumen plays. His areas of expertise include cold production wells (CHOPS), multilateral horizontal wells, and SAG-D. His experience in the planning and management of exploration programs and complex well designs in the Peace River oil sands region, where he has been responsible for drilling more than 300 wells, is of particular importance to Strata Oil.
“Strata Oil is truly delighted to welcome Mr. Mahowich to the team. Dave fills a very important role with Strata, and we’re encouraged that he has chosen to join us as our Vice President, Operations. Dave provides us with specific technical and operational skills which are particularly valuable as we develop Strata’s heavy oil assets in the Peace River region. Dave was an important part of Blackrock’s team, helping them exploit their cold-production potential in Peace River through his operational expertise, and now Dave is bringing his considerable abilities to Strata Oil,” said Trevor Newton, Chairman of the Board.
Shell Canada’s acquisition of Blackrock in 2006 represented US$11.45 per barrel of oil in the ground, on the basis of proved plus probably reserves. At the time of acquisition, oil was trading at slightly less than $70 per barrel, and Blackrock’s production was approximately 13,000 bpd and projected to increase to 40,000 bpd.
Strata Oil’s 887 million barrel (recoverable) Cadotte project is planned as a 56,000 barrel-per-day thermal project utilizing CSS (cyclic steam stimulation). Strata is also pursuing primary production from its Bluesky sands as an additional potential resource for development. Strata’s technical team has identified, and is in the process of planning and permitting, drilling locations to test the extent to which the Bluesky Formation at Cadotte/Cadotte-West has the fluid properties which permit the use of primary production methods.
About Strata Oil & Gas
Strata Oil & Gas is a US-publicly traded company focused on the exploration and development of heavy oil and bitumen. 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 of which 887 million are classified as recoverable. Strata’s 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 http://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.
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