TORONTO, July 28, 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 additional details of its most recent acquisition, located in the "Energy Center of Russia." Strat acquired a 30 percent interest in a drilling and service entity located in the Tyumen Region, Russia. Panorama-TEK, a specialty oil drilling company, acquired the remaining 70 percent. The new entity will be established as a limited partnership with further details to be announced in the next press release.
Panorama-TEK will be looking to Strat to offer technological and financial support as the company works on increasing its existing client base through this new venture. Strat will bring western technology and expertise to enhance its ability to service clients with the most modern and up-to-date equipment and methodology.
"We believe Panorama-TEK has the qualified management and technical staff to provide all services required by the clients they work with," stated Sam Hyams, CEO of Strat Petroleum. "In addition, Panorama-TEK has teams of service personnel to ensure proper maintenance and management of all oil sites which includes everything from initial project engineering to bringing a new well to production or re-working an existing well."
The Tyumen Region has a population of over 3 million people. It has an area of 1.4 million square kilometers (8.4 percent of Russia's total area), which is equivalent to the combined areas of Germany, France, Italy, and Great Britain. The Tyumen Region stretches in the meridian direction of the Artic Ocean to the present Kazakhstan border. It actually divides the territory of the Russian Federation into two parts: the European part and Ural to the west, Siberia and Far East to the east.
About Panorama-TEK:
Panorama-TEK Co. specializes in complete service of complicated drilling, namely controlled directional and horizontal drilling, flat and horizontal wells with great offset of the bottom about the top, wells with horizontal bottom, specific wells (jury works) and side holes from casing pipe in well-recovery drilling. The Company has existing contracts with several Russian companies, such as Orenburgazprom, Rospan and others. The company is licensed by FLS of Russia and by Federal Engineering Supervision of Russia. For more information, visit www.Panorama-TEK.com.
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 percent 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 percent of Saraktasch Oil & Gas Drilling Expedition Co., a drilling and exploration company. 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.).
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.