Stream Oil & Gas increases production by 45%

March 20ؓtream Oil & Gas Ltd. announced that in line with its Plans of Development, it was given the approval from the Albanian authorities to take full control of all wells in the Cakran-Mollaj oilfield and the Usoja Treatment facility, as of March 22, 2010.
As a result of this take over and corresponding production optimization control, the Company’s daily gross crude oil production has increased to 683 bopd from 470 bopd (net 310 bopd from 236 bopd) or a 45% growth.
Subsequent to the company’s recently announced complete takeover of the Cakran-Mollaj field (25 currently producing wells and additional 37 non producing wells also being considered for re-activation) and these positive workover results, the company is planning to accelerate its 2010/2011 workover programs. The company is also preparing to perform full-depth workovers which based on our experience to date are forecast to yield a further production increases.
“After the recent fund raising the Company is aggressively implementing its Development Plans with rehabilitation work already taking place in the Cakran-Mollaj oilfield. We expect positive results from this shortly and we are confident of further substantial production increases in the future,” Dr. Sotirios Kapotas, Stream’s CEO said
Stream Oil & Gas Ltd. is a Canadian-based emerging oil and gas production, development and exploration company focused on the re-activation and re-development of three oil fields and a gas/condensate field in Albania. The Company’s strategy is to use proven technology, incremental and enhanced oil recovery techniques to significantly increase production and reserves.