Business
Stream Oil and Gas Ltd. lists on TSX-Venture Exchange ("SKO")
VANCOUVER, July 24 /CNW/ - Stream Oil & Gas Ltd. (Stream) TSX-V: "SKO" is a Canadian-based emergi...
About this update from Storm Exploration Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, July 24 /CNW/ - Stream Oil & Gas Ltd. (Stream) TSX-V: "SKO" is\na Canadian-based emerging oil and gas production, development and exploration\ncompany with assets in Albania focusing on the re-activation and\nre-development of three oil fields, and a gas and condensate field, all of\nwhich are in production.\n\n\nStream's shares will begin trading on the TSX-V July 25, 2008.\n\n\nOverview\n\n\nStream has entered into Petroleum Agreements with Albpetrol Sh.A. the\nAlbanian state exploration and production company, to evaluate and redevelop\nthe fields under four separate 25-year license agreements with Albania's\nNational Petroleum Agency. Stream has the rights to take-over the operations\nof all wells in the fields and produce the remaining reserves. Takeover of the\nwells is being completed in stages.\n\n\nUnder the Agreements Stream is entitled to 100% of the incremental\nproduction and a share of current baseline production. The operations are\nsubject to royalties of between 2% and 6% based on an R factor of revenues and\npetroleum costs.\n\n\nTo earn its rights under the Agreements, Stream is required to spend a\ntotal US$4.8 million over an 18 month period in respect of the oil fields and\n24 months for the Delvina gas field. Stream started taking over wells from\nAlbpetrol in November 2007.\n\n\nStream's portfolio of producing oil and gas assets includes:\n\n\n- Gorischt-Kocul heavy oil field - discovered in 1965, a 15 API\n limestone field currently producing from 135 wells out of 295. The\n Company is now running a staged rehabilitation program on\n 13 producing wells in the field and has taken over another 14 for\n reactivation. Field production is around 925 bop/d, of which 26 bop/d\n are attributable to Stream as at June 30, 2008.\n\n- Ballsh-Hekaj heavy oil field - discovered in 1966, an 11 API\n limestone field currently producing from 81 wells out of 212. The\n Company is conducting a staged rehabilitation program on 16 producing\n wells in the field and has taken over another 8 for reactivation.\n Field production is 550 bop/d, of which 53 bop/d are attributable to\n Stream as at June 30.\n\n- Cakran-Mollaj medium oil field - discovered in 1977, a 25 API\n limestone field currently producing from 27 wells out of 65. The\n Company is currently working on infrastructure upgrades. On...