|By Marketwired .||
|January 31, 2014 05:23 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 01/31/14 -- Strata Oil (OTCQB: SOIGF)(OTCBB: SOIGF), a leader in the exploration and development of bitumen from carbonates, responded to the U.S. State Department's environmental impact statement (EIS) regarding the proposed Keystone XL Pipeline which was just released earlier today. The State Department's EIS concludes that the proposed Keystone XL Pipeline would have minimal impact on the environment over the long term with no appreciable increase in carbon emissions.
"The State Department's EIS findings represent a significant step in moving the Keystone XL Pipeline project forward," said Ron Daems, president of Strata Oil & Gas. "The starting point of the project pipeline would put the Peace River region, including Strata with its 3.4 billion barrel resource, in working proximity to the Keystone XL Pipeline. Today's report further enhances our belief that Strata is well-positioned to capture the upside of commercial carbonate-hosted bitumen production."
Daems continued: "Combined with the recent accumulation of sizeable positions in Alberta's leading bitumen producers by several high profile investors, including Warren Buffett's $524 million stake in Suncor Energy, the leading bitumen operator in the province, the positive momentum behind the oil sector continues to be on an exciting upswing. The Keystone XL Pipeline EIS findings should be great news for the more than $60 billion in proposed and current oil sands projects already underway today and the more than $207 billion in additional investment anticipated over the next 10 years. A positive decision on the Keystone XL Pipeline will mean better economics for bitumen producers, and therefore we should see more projects as a result."
The proposed Keystone XL Pipeline would give Alberta's bitumen producers access to a pipeline stretching from Canada to the U.S. Gulf Coast which would have the capacity to transport more than 800,000 barrels of crude per day, leading to thousands of jobs and reducing U.S. reliance on oil imports from less stable regions. Today's EIS report will set the stage for a 90 day review period for the Obama administration to make a final ruling on the pipeline project.
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 52,480 acres of oil sands leases in the Peace River region of Alberta's Carbonate Triangle. Strata's Cadotte project has been independently evaluated, with a resource base of 3.44 billion barrels in-place with 887 million recoverable barrels. 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 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 www.sec.gov.