Strata Oil & Gas Increases Oil Sands Holdings
Strata Oil & Gas has acquired rights to oil sands for an additional 4 parcels of land in the Peace River oil sands region of Alberta, increasing the size of its Alberta oil sands holdings significantly. The parcels are contiguous to Strata's Cadotte oil sands block. Strata's oil sands holdings in Peace River comprise approximately 71,000 acres (about 110 sections).
Regionally, the Peace River oil sands are part of Alberta's vast oil sands resource which covers approximately 54,363 square miles and four main regions: Athabasca/Wabasca, Cold Lake, and Peace River. The Peace River resource is estimated at more than 188 billion barrels [Alberta Department of Energy, Cold Heavy Oil Production With Sand In The Canadian Heavy Oil Industry, Dr. Maurice Dusseault, March 2002].
Management will be thoroughly reviewing the data associated with these parcels.
"Our goal is to provide exceptional shareholder returns in a rising oil market, and to provide greater exposure to petroleum prices by maximizing our in-place resource per common share. Remaining centered exclusively in North America as a means to minimize risk, our emphasis is on full-cycle exploration. We are continuing to delineate our substantial in-place resource on our 70,000+ acres of oil sands land base. We have defined targets for our upcoming exploration program and will continue to identify additional drill targets during this coming quarter as we further assess our extensive oil sands holdings," says Manny Dhinsa. Strata Oil & Gas is a junior petroleum exploration company, with its head office located in Calgary, Alberta.
- Strata Hires Norwest for Cadotte West Resource Study (Apr 24)
- Strata Taps University of Alberta for Bitumen Recovery Technology (Jul 10)
- Strata Oil & Gas Completes Stock Split (Oct 11)