Business
Stream Oil & Gas Ltd. - Operations Update and Second Quarter Results
TSX-V: SKO CNQ: STRM VANCOUVER, Aug. 5 /CNW/ - Stream Oil & Gas Ltd. ("Stream" or the "Company") ...
About this update from Storm Exploration Inc
[{"type":"text","content":"\n\n\n\nTSX-V: SKO\n\n\nCNQ: STRM\n\n\nVANCOUVER, Aug. 5 /CNW/ - Stream Oil & Gas Ltd. ("Stream" or the\n"Company") is pleased to provide the following update on its rehabilitation\nand development projects in Albania:\n\n\nRehabilitation work\n\n\nThe Company has received its first PCP (Progressive Cavity Pumps) and has\ninitiated work-overs of selective wells by installing these pumps and applying\nperforations and acidizing. The results of these rehabilitation tests will be\nannounced once testing and production control have been completed.\n\n\nRadial jetting tests\n\n\nRadial jetting tests in selective wells are planned to begin mid-August.\nThe Company has agreements with Well Enhancement Services LLC. USA and Coil\nServices Netherlands to execute this work.\n\n\nGas Plant Scoping Study\n\n\nPoyry Energy (Italy) provided a proposal dated June 30, 2008 and Stream\nhas now engaged them to provide a scoping study for a gas fired powered plant\non the Delvina gas field\n\n\nAgreements\n\n\nManagement is currently finalizing agreements with various field service\ncompanies and is discussing alliances with other Albanian operators to\nmaximize value.\n\n\nAlbanian fiscal changes\n\n\nThe Ministry of Economy, Trade and Energy of Albania has informed the\nCompany that an amendment to the National Tax Law has been made to establish a\nminimum 10% Royalty Tax to all contractors on the gross revenue of petroleum\nproduced. Stream's Petroleum Agreements with the Albanian Government provide\nfor amendments to eliminate any negative economic effects on Stream. The\nMinistry of Trade Economy and Energy, Albpetrol S.A. and the National Agency\nfor Natural resources has undertaken to consult with the Company, and will\ntake incentive actions and make necessary amendments to the current Agreements\nin order to eliminate any economic impact to Stream resulting from the 10%\nRoyalty Tax.\n\n\nFinancial Results for the seven month period ended May 31, 2008\n\n\nThe Company has filed with the Canadian securities commissions, its\nunaudited, consolidated second quarter financial statements and management's\ndiscussion & analysis (MD&A). These filings are available on SEDAR\nwww.sedar.com and the Company's website: www.streamoilandgas.com\n\n\n------------------------------------------------------------------------...