Strata Oil and Gas (OTCQB: SOIGF.PK), a leader in the exploration and development of heavy oil from carbonates, today provided updates on its $1.3 USD billion Cadotte Project and the surrounding "Carbonate Triangle" region of Alberta.
"Since our initial discovery at Cadotte, Strata has been a leader in advancing the commercial viability of Alberta's vast Carbonate Triangle bitumen resources. In 2011, strong advances in oil recovery technology have made it clear that the enormous carbonate-hosted bitumen resources of Alberta are now recognized on the world stage as economically viable and of tremendous value," said Ron Daems, president of Strata Oil and Gas.
Currently, Strata is executing on Phase 1 of a five phase plan to develop its 100%-owned 52,480 acre holdings, located in the Peace River region of Alberta's Carbonate Triangle. The project is conservatively estimated to produce up to 56,000 bbls per day by 2017.
During 2011, the Company announced an independent economic analysis of its 100%-owned Cadotte Project, which was assigned a net present value of $1.3 USD billion. In addition, the Company announced the expansion of the scale and scope of the Cadotte Project, which may increase the net recoverable estimates dramatically beyond its 517 million bbls contingent resource.
"Today, more than $170 billion worth of oil sands related projects in Alberta are currently underway or proposed, with a substantial portion of these located within the Carbonate Triangle. As the industry continues to improve in-situ recovery techniques, the capacity for Strata to expand its potential production capacity is increasingly more likely as we continue to make progress in executing on our five phase plan," said Daems. "With rising oil prices and demand continuing to grow, the Carbonate Triangle region of Alberta is well positioned to become a substantial and strategically important source of oil in the near term. With a contingent resource of 517+ million barrels, Strata is well positioned to deliver world-class value to its shareholders in the months ahead."
Strata Oil provides updates on $1.3 USD billion Cadotte Project, Carbonate Triangle production