Strat Petroleum Announces Reaching an Understanding to Acquire 50% Interest in Oil & Gas Drilling And Exploration Company In Orenburg
TORONTO--(BUSINESS WIRE)--March 8, 2005--Strat Petroleum, Ltd. (National Quotation Bureau: SPRL). In line with our strategy of building shareholder value by acquiring assets or seeking out opportunities with significant potential and probability of success, the Company has reached an understanding to acquire a 50% interest in Saraktasch Oilgas Drilling Expedition Co., located in the Orenburg Region, through a share exchange.
Saraktasch is a drilling and exploration Company with six drilling rigs, and over 150 employees servicing, Companies like, Gasprom, Orenburghneftegas, TNK, Burgas, Gas & Oil Co. and others under long-term contracts. The Company also owns various other assets, such as land, storage facilities and equipment to support its operations.
The opportunity available to Strat Petroleum is to share in future revenues from contracts currently in place; grow the business through the investment in more advanced drilling, exploration and recovery technologies; and add other services to offer its clients. A further growth opportunity offered through this venture is to secure crude oil and other refined products for sale into local and export markets.
This venture will also provide many new opportunities in the Region for the Company to partner with its clients in other projects, and currently some of these opportunities are being evaluated to determine the level of commitment, if any, the Company will be making.
Strat Petroleum, Ltd.'s strategy is to enhance shareholder value through the acquisition of oil & gas properties with proven reserves or producing/capped wells. Should you wish any additional information on our projects or management team, please visit our website at www.stratpetroleum.com or contact our Investor Relations office. Due to the volume of interest we will make every effort to respond as promptly as possible.
Statements made in this press release regarding the Company's or management's intention, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to compete effectively in a rapidly evolving and price competitive marketplace; uncertainties of completing business transactions; uncertainties of raising necessary capital; no control over long term pricing; possible reductions in demand for our products and services due to competition or changes in industry conditions or political environment; changes in the nature of energy regulation in the Russian Federation, the United States and other countries; political risk; currency exchange risk; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; reliance on management and management contacts; and other risks that may be referenced from time to time in the Company's filings with the Securities and Exchange Commission.