Business
Stream Oil & Gas Ltd. Update and First Quarterly Results
CNQ: STRM VANCOUVER, April 29 /CNW/ - Stream Oil & Gas Ltd. (the "Company"), formerly L.G.R. Reso...
About this update from Storm Exploration Inc
[{"type":"text","content":"\n\n\n\nCNQ: STRM\n\n\nVANCOUVER, April 29 /CNW/ - Stream Oil & Gas Ltd. (the "Company"),\nformerly L.G.R. Resources Ltd., has filed with the Canadian securities\ncommissions, its first quarter financial statements and management's\ndiscussion & analysis (MD&A). These statements include: pre-consolidated\nfinancial and operational information for the period ending February 29, 2008\nfor both the former L.G.R. Resources Ltd. and the Company's now wholly owned\nsubsidiary Stream Oil & Gas (CI) Ltd.\n\n\nTSX-Venture Exchange Conditional Approval\n\n\nThe TSX Venture Exchange has conditionally approved the listing of Stream\nOil & Gas Ltd. as a Tier 2 Oil & Gas Issuer, subject to the filing with, and\nacceptance by, the Exchange of final listing documentation, including a\nListing Application Form and a Sponsor Report.\n\n\nSummary of Albania Operations\n\n\nThe Company is currently conducting an evaluation work program to\nidentify product optimization opportunities and obtain further data for a NI\n51-101 reserve valuation. As of February 29, 2008, no proven reserves or value\ncan be attributed to the Company's properties according to NI 51-101\nrequirements.\n\n\nStream Oil & Gas has taken over 23 producing wells since beginning\noperations in November 2007. A well rehabilitation program is ongoing with a\nscope to understand well behavior and define appropriate methods to enhance\nand increase crude oil production. The Company's agreement with Albpetrol Sh.A\n("Albpetrol") provides the Company with revenue from 100% of increased\nproduction from a declining baseline level, plus 30% of baseline production.\n\n\nA 3D passive seismic program is running over the Delvina gas field in\norder to map the existing production area and define upside potential.\nPreliminary results are encouraging and indicate more than sufficient\nmicro-seismic event presence during the first 3 months of operations. This\nwill allow us to construct a subsurface model earlier than previously\nexpected, around mid 2008.\n\n\nStream Oil & Gas's revenues for its first four months of operations,\nbeginning November 2007 were US $452,947. The average domestic price per\nbarrel over this period was US $29, a price dictated by the local Ministry.\nStream Oil & Gas has negotiated a price of US $35.00 effective...