Stable oil production in 2009

VANCOUVER, Mar 30 – Stream Oil & Gas Ltd. Reported that it would continue to produce the same amount of oil, about 230 barrels per day, from its Albanian operations.
Albpetrol Sh.a and the Albanian Government Hydrocarbon Agency approved the Company’s 2009 Work Program and Budget as presented to the Advisory Committee on March 5, 2009. The Advisory Committee is comprised of representatives from Albpetrol, the National Petroleum Agency of Albania and Stream management.
Stream’s average daily share of production of crude oil remains at about 230 barrels per day, in line with the exit production predicted for 2008. The Company is currently focused on preserving its assets and minimizing expenditures as a result of lower oil prices and unfavorable capital market conditions. The Company remains committed to its strategic plan and will prepare its Development Plan for all four properties by the fourth quarter of 2009.
Stream has signed a crude sales agreement with Glob-Oil Sh.a, a local distributor, to purchase a minimum of 30% of its production every month at a monthly negotiable price currently at 35 USD per barrel.
The Company is currently finalizing negotiations with the local refinery for 2009 pricing and direct delivery of its crude oil and gas production. The proposed new agreement will allow direct invoicing and better payment terms as the refinery has been privately owned since November 2008.
Stream submitted its proposed amendments to the Petroleum Agreements to balance the negative effect of the royalty tax to Albpetrol. The Company expects to receive official approval of these amendments by the Ministry of Trade, Economy and Energy within the next few weeks.
The Company announced that the initial interpretable results of the 3D Passive Seismic study prove the size of the existing reservoir structure on the Delvina gas field and show a potential upside target. The results, once finalized, will be used to update the reserve estimates of the gas field and also define locations for Development and Exploration drilling.
The Company will then begin a fund-raising program and pursue possible partnerships to develop a gas power plant in Albania. The plant will provide a market for the Company’s gas production which is currently limited by the lack of an Albanian market.
Stream is a Canadian-based emerging oil and gas production, development and exploration company with assets in Albania focusing on the re-activation and re-development of three oil fields, and a gas and condensate field, all of which are in production.
Stream has entered into Petroleum Agreements with Albpetrol Sh.A. the Albanian state exploration and production company, and is conducting a staged evaluation, takeover and redevelopment program under four separate 25-year license agreements with Albania’s National Petroleum Agency. Under these Agreements, Stream has the rights to take-over the operations of all wells in the Gorischt-Kocul, Ballsh-Hekaj, and Cakran-Mollaj oil fields, and the Delvina gas field, and produce the remaining reserves. Takeover of the wells is being completed in stages.