Calgary, Alberta (PRWEB) September 24, 2013
Strata Oil & Gas Inc. ("Strata" or the "Company") (OTCQB: SOIGF) (OTCBB: SOIGF) reports that its scientific team has initiated a study to further evaluate the characteristics of its Debolt formation reservoir relative to the geologically older Grosmont reservoir to the east, which is now the focus of a commercial “bitumen from carbonate” demonstration project recently approved by the Alberta Government for up to 10,000 barrels per day.
"With recent industry progress in bringing carbonate-hosted bitumen closer to commercial production, we’ve asked our scientific team to analyze and compare the characteristics of our Debolt reservoir to that of the currently-producing Grosmont. We’ve long believed that the Debolt reservoir has certain characteristics which may be particularly favorable to production, and therefore in light of the demonstrated success in the Grosmont, we’ve asked our team to conduct this study. We also believe the study will assist us in fine-tuning our preferred recovery method,” said President and CEO of Strata Oil & Gas, Ron Daems.
The report, expected in a month, will augment Strata Oil’s 2010 scientific findings on the characteristics of the Debolt formation versus the Grosmont. Earlier findings identified the Grosmont and Debolt formations as having characteristics which provide high lateral permeability inside ore zones with very high oil saturation. Intergranular porosity is reported in both cases, with the Debolt formation showing higher reservoir pressure and temperature which would cause a lower viscosity in bitumen and potentially lead to improved recoverability.
In light of recent industry participants moving into the commercial demonstration phase of bitumen-from-carbonate production from the Grosmont, Strata Oil is further validating the technical specifics of its reservoir to ensure the next steps to production are properly directed. Strata Oil was one of the first movers in the emerging carbonate play, with its major world-class discovery in the Peace River region of Alberta. Strata Oil, alongside such major participants as Shell and Husky, is moving its discovery toward production.
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/home.php?p=2.
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.