Stream Oil and Gas Ltd. lists on TSX-Venture Exchange

VANCOUVER, July 28 – Stream’s shares began trading July 25 on the TSX-V.
Stream has entered into Petroleum Agreements with Albpetrol Sh.A., the Albanian state exploration and production company, to evaluate and redevelop the fields under four separate 25-year license agreements with Albania’s National Petroleum Agency.
Stream has the right to take-over the operations of all wells in the fields and produce the remaining reserves. Takeover of the wells is being completed in stages.
To earn its rights under the Agreements, Stream is required to spend a total US $4.8 million over an 18 month period in respect of the oil fields and 24 months for the Delvina gas field. Stream started taking over wells from Albpetrol in November 2007.
Stream’s portfolio of producing oil and gas assets includes:
– Gorisht-Kocul heavy oil field – discovered in 1965, a 15 API limestone field currently producing from 135 wells out of 295. The Company is now running a staged rehabilitation program on 13 producing wells in the field and has taken over another 14 for reactivation. Field production is around 925 bop/d, of which 26 bop/d are attributable to Stream as of June 30.
– Ballsh-Hekaj heavy oil field – discovered in 1966, an 11 API limestone field currently producing in 81 wells out of 212. The Company is conducting a staged rehabilitation program on 16 producing wells in the field and has taken over another eight for reactivation.
Field production is 550 bop/d, of which 53 bop/d are attributable to Stream as of June 30.
– Cakran-Mollaj medium oil field – discovered in 1977, a 25 API limestone field currently producing from 27 wells out of 65. The Company is currently working on infrastructure upgrades. Once a proper rig is available, the Company will conduct a staged rehabilitation program on the 14 producing wells that operate in the field and reactivate another that was recently taken over. Field production is 650 bop/d, of which 47 bop/d are attributable to Stream as of June 30.
– Delvina gas and condensate field – discovered in 1987, a gas limestone field currently producing from 2 wells out of 4. The Company is also upgrading its infrastructure and optimizing production control of the gas and condensate. Once the rig is available for the Cakran-Mollaj field mentioned above, it will be used for a rehabilitation program on the two producing wells and to check the condition of the other two shut-in wells. A 3D passive seismic program is continuing over the field. Field production, when the refinery operates, is about 16,000 cubic meters gas per day and 20 bopd condensate. Of this production, 9,900 cubic meters of gas per day and 11 bopd of condensate are attributable to Stream as of June 30.
Albania has a long history of oil and gas operations and Stream’s oil and gas fields are located in one of Europe’s largest onshore producing regions. With restored economic stability, high level government support for oil and gas enhancement projects, a skilled and low-cost work force, availability of basic oil field services, and proximity to refining capacity and established markets, Stream is well positioned to develop its projects.