TORONTO, July 14, 2005 (PRIMEZONE) -- Strat Petroleum, Ltd. (Pink Sheets:SPRL), an emerging exploration and development company focusing on oil and gas properties in the Russian Federation, today announced it has retained the law firm of Akin Gump Strauss Hauer & Feld LLP (www.akingump.com) to provide legal services specifically dealing with the Company's involvement in Russian oil & gas projects. The Company engaged a new firm since a potential conflict of interest exists with another client of Macleod Dixon.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is one of the world's largest firms. With offices in 13 cities worldwide, including Moscow, the firm has a sophisticated, full-service and geographically diverse energy practice. Akin Gump represents clients ranging from Fortune 100 companies to small entrepreneurial concerns in all types of transactions related to the energy industry in the United States and throughout the world, including before all federal agencies involved in energy regulation and policy.
The group's practice encompasses several broad practice areas including: major domestic transactions, international energy transactions, exploration and production services, energy regulation such as environmental counseling and regulatory services, and energy litigation among others.
"Strat Petroleum is looking to aggressively move forward with its oil and gas projects in Russia and we believe the counsel of Akin Gump will be key in a number of our transactions within the Russian Federation," said H. Sam Hyams, President and CEO of Strat Petroleum. "We will be well served under the top-notch guidance of Robert Langer, who has advised Russian and foreign companies in structuring strategic and portfolio investments in Russia and the former Soviet Union, and has assisted Russian companies in raising capital on foreign debt and equity markets.
In other company news, Strat Petroleum also announced today that it has opened new offices just north of Toronto. The offices are needed to support an increase in staff as Strat negotiates several new projects for 2005 and beyond.
"Our strategy is to increase shareholder value through the acquisition of oil and gas properties with proven reserves," stated Hyams. "The new offices will accommodate the increase in staff who is working on some potential acquisitions. We look forward to a very successful year as we move closer towards production."
Strat's new phone numbers are:
Main number: (905) 761-9169 Fax number: (416) 628-8018 U.S. number: (646) 216-9751
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 signed a Memorandum of Understanding to acquire 50% of Saraktasch Oil & Gas Drilling Expedition Co., a drilling and exploration company. For more information, please visit the company website at www.stratpetroleum.com.
Statements made in this press release regarding the Company's or management's intention, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to compete effectively in a rapidly evolving and price competitive marketplace; uncertainties of completing business transactions; uncertainties of raising necessary capital; no control over long term pricing; possible reductions in demand for our products and services due to competition or changes in industry conditions or political environment; changes in the nature of energy regulation in the Russian Federation, the United States and other countries; political risk; currency exchange risk; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; reliance on management and management contacts; and other risks that may be referenced from time to time in the Company's filings with the Securities and Exchange Commission.