Stream Oil given approval on other oil fields

VANCOUVER, Sep. 21, 2010 – Canadian-based Stream Oil & Gas Ltd. (TSX-V: SKO) (the “Company”) has announced that the Ministry of Economy, Trade and Energy of Albania has given its official and final approval for the execution of the plans of development for the Ballsh-Hekal, Cakran-Mollaj and Gorisht-Kocul oil fields.
“This is great news for our Company as it supports the positive growth accomplished over the past few months and gives confidence to our team to continue with the execution of our goals and strategy for the benefit of our shareholders.” said Dr. Sotirios Kapotas, President and CEO.
The Plans of Development define the work and expenditures over the duration of the License period (25 years + multiple 5 year extensions) giving the company the right to extensively develop these assets with conventional and enhanced oil recovery mechanisms.
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.
Stream is currently focused on the re-activation and re-development of its currently producing Albanian projects: three on-shore heavy oil fields, Cakran-Mollaj, Ballsh-Hekal and Gorisht-Kocul and one onshore producing gas field, Delvina.
Under petroleum agreements with Albpetrol SH.A, the Albanian state exploration and production company and 25-year license agreements with Albania’s National Petroleum Agency (AKBN), Stream has the right to takeover all wells in the four fields, and is entitled to a share of current baseline production and 100% of all incremental production.
Stream, led by a technically experienced management team, is implementing modern and enhanced recovery techniques for carbonate reservoirs.