Calgary, Alberta (PRWEB) November 04, 2013
Strata Oil & Gas Inc. ("Strata" or the "Company") (OTCQB: SOIGF) (OTCBB: SOIGF) is pleased to report on the results from its enhanced Debolt core analysis. The current report findings are the result of a technical study conducted by Dr. Hans G. Machel of the University of Alberta’s Department of Earth and Atmospheric Sciences.
The study focused on core from three wells, two of which are located directly in the Cadotte central portion of Strata’s property, with the third being located relatively close to Strata’s lease block. According to Dr. Machel, most of the material associated with the Debolt formation in the two wells located on Strata’s property is reservoir quality rock. Dr. Machel’s report states, “The Debolt reservoir intervals encountered in the three wells in this study compare favorably to the best reservoir units in the Grosmont reservoir, i.e., those having the highest porosities, the highest intrinsic permeabililties, the highest bitumen saturation, and those with the highest fracture density within the Grosmont trend.”
The core that was tested from the well located outside the Strata lease block includes 96.8m from the Debolt formation with a gross pay of 85m containing seven primary pay intervals. Many of these intervals appear to be of similar quality in regards to overall porosity and bitumen saturation, and possibly permeability, as the primary pay zones (PPZ) previously reported on.
The analysis from the second well (which is located within Strata’s lease block) revealed excellent quality reservoir rocks with permeability ranging up to approximately 10,000 mD (permeability measures the capability of fluids to flow through rock or other porous media). The study concludes that the PPZ associated with this well extends further than previously thought.
The analysis from the third well (which is also located within Strata’s lease block) again demonstrated that the PPZ extends further than previously thought, revealing partially to fully-saturated bitumen carbonate grainstones and highly biodegraded bitumen including in a portion of the Bluesky formation.
The reservoir intervals as well as the overall range of bitumen viscosities in the wells tested in the Debolt formation compare positively to and appear to be similar to those found in the older Grosmont formation, now in development as a commercial demonstration and moving towards production. As stated by Dr. Machel, “Taken together, these observations justify classifying the bitumen-saturated intervals in the three wells investigated here as Debolt reservoir and a potentially economically viable play. The reservoir intervals identified in the three cores of this study most probably form a contiguous reservoir in each core.”
"We are very pleased with the results of this analysis. It has long been management‘s interpretation that the Debolt reservoir has certain characteristics which may be particularly favorable to production. It appears our primary pay zone, formerly thought to be between 13 and 14 meters thick in these wells, may in fact be thicker than originally believed. This may potentially improve the projected economics of our World-class Cadotte project even further,” said President and CEO of Strata Oil & Gas, Ron Daems.
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 its Cadotte project in the Peace River region of Alberta's Carbonate Triangle. Strata's Cadotte project has been independently evaluated, with a resource base of 3.4 billion bbls in-place, and 887 million bbls recoverable. 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 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 http://www.sec.gov.