"Strat believes this is the first step to securing additional service contracts with other major oil companies in this and other regions," stated Sam Hyams, CEO of Strat Petroleum. "Based on securing the initial contract, and a number of other discussions and negotiations underway, this joint venture plans on becoming a significant provider of drilling and servicing in the oil and gas industry of the Russian Federation. Discussions are currently underway for contracts in the Orenburg Region to service fields for another major producer."
At Yuganstneftgaz, the average daily production from the fields exceeds 1 million barrels, which is about 1.6% of the world total. The fields have approximately 400 producing wells and significant opportunity for additional development of reserves. Recently, Rosneft purchased Yuganstneftgaz. Rosneft is a 100% state owned company and is now the third largest oil producer in the Russian Federation after the acquisition of Yukos' assets, the prize of which is the Yuganstneftgaz and its oil sites. The Company has an established growth plan which resulted in investment of close to US$1.5 billion in exploration and development, and production of over 150 million barrels of oil and gas condensate in 2004, which is expected to increase to 875 million barrels by 2015.
About Strat Petroleum:
Strat Petroleum is an emerging exploration and development company focusing on oil and gas properties in the Russian Federation. Strat completed an agreement to acquire an 80% interest in a Northern Orenburg oil and gas property in Russia, which has proven reserves of 11.25 million barrels of crude oil and probable reserves in excess of 25 million barrels. Strat has also acquired 30% of a new oil and gas drilling and servicing joint venture established with Panorama-TEK. For more information, visit www.stratpetroleum.com. The company's new phone numbers are: 905-761-9169 (main), 416-628-8018 (fax) and 646-216-9751 (U.S.).
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