To all shareholders of Strat Petroleum, Ltd., thank you for your continued support over the past few months, despite limited news from the Company. You should know that your management team has been very busy in organizing all the elements required to complete the acquisition of interests in the Rozhdestvenskoe and other oil sites in the Russian Federation.
During these months your management team has been interviewing North American consulting firms who will assist in evaluating and confirming the profitability and viability of opportunities presented to the Company; evaluating alternative financing proposals to find good long term partners; having the team in Russia prepare documentation and other information for several additional opportunities beyond the Rozhdestvenskoe site.
Strat's management in association with its advisory team in Russia and North America will be completing the review and negotiations of these projects over the next few weeks, and management expects to make some very positive announcements.
Strat Petroleum, Ltd.'s strategy is to enhance shareholder value through the acquisition of oil & gas properties with proven reserves or producing/capped wells. Should you wish any additional information on our projects or management team, please visit our website at www.stratpetroleum.com or contact our Investor Relations office. Due to the volume of interest we will make every effort to respond as promptly as possible.
Strat Petroleum came about through a reverse merger in mid July 2004. They have no ties at all with the old company F2 Broadcast, any people or information (filings etc..) before the reverse merger in July of 2004 have NOTHING to do with Strat Petroleum or anyone affiliated with them.....they are a NEW public company that has spent years putting this business plan and their global connections together.
We had a company conference call recently, here's the breakdown of it as posted by our resident note-taker (2create) on RagingBull:
------------------- Short Notes from C/C… Some of this you already know, but for those who don’t… Also, if I have misunderstood anything, please advise so I may review my notes. • Reviewing 2 to 3 term sheets for immediate financing needs to close on the FIRST of the two Orenburg deals • Russian giant Gazprom anticipating there arrival in coming weeks…with open arms! • If deal closes successfully, plans to double or triple existing production on the first two J/V oil existing oil sites • Sam or Joe stated they may not currently need private placement, but would rather pursue debt financing, rather than traditional equity funding. But will do what it takes to close big deals that com along. Reiterated that “they” the principals together own over 50% of the stock…So they have our mutual success in hand. • Will be fully reporting in the very near future…approx. 3 months from now. • Goal to be AMEX listed ASAP…wants it to be optionable,…etc. • Looking next at other large projects to follow in the Orenburg region, but will first focus on the closing and production /revenue increases with J/V Gazprom projects underway. • Virtually no competition with as much foothold and O&G experience with the Russian government (Also I can’t say how important it is for to be partnering with a Co. like Gazprom, who in turn has such close ties & partnership with the Russian leader, Puitn!) • Nite is biggest MFMMM…possible better executions if you ask your broker to rout orders to HDSN • Within a week or two should have more IR/PR influence. • Looking to add O & G people from Texas and Canada to their team • 50% of oil produced to be sold locally in Russia, other 50% to be exported • Revenues to begin “day one” as overheard in background after commencement of options.
Overall I felt to Conference Call went very well, professionally done and topics were discussed/answered intelligently. Just my short handed notes to give a little presence of the call today…As always DYO DD.
----------------------- Company Management / Advisors
H. Sam Hyams President & CEO of Strat Petroleum Inc.
Mr. Hyams holds a Masters Degree in Business Administration from York University in Ontario and is a Chartered Accountant. His extensive experience over the past 20 years in Canadian industry and on the international scene has included positions in finance and accounting to assisting in establishing new ventures by securing financing, and managing their business plans. Mr. Hyams has also acted as a consultant to small and medium sized businesses, advising them on strategic plans for growth, acquisitions and divestitures.
Chaim Flatt Executive V.P. Business Development
Mr. Flatt holds B.Sc. Degree in Mechanical Engineering from the Kaunas Polytechnic University in Russia. He brings over 30 years of knowledge, experience and network of contacts developed in the areas of project development, financing and international trade. Mr. Flatt is President of Arad Energy Products Co. which has been involved in projects in the Russian Federation and other CIS countries since the late 1980’s with focus on the natural resource sector. In the past few years Mr. Flatt has concentrated on trade of oil and oil products, which has allowed him to build a very good network of contacts in the Russia and the CIS.
Lev Perelman Consulting Engineer
Mr. Perelman holds BS and MS degrees in Civil Engineering and gas supply systems from the University of N. Novgorod (Russia) and holds BS degree in Power Engineering from Southern Alberta Institute of Technology of Calgary(Alberta, Canada) In Russia he was employed by Gasprom and has been actively involved in oil/ gas, development, processing and consulting since 1973. He was involved in the development of the Volga transgas” and Moscowgaspipeline” oil and gas pipelines.
Chyang Wen V.P. Business China & Far East
Mr. Wen holds a M.B.A. from York University in Ontario, and his career spanning more than 20 year includes banking with experience in commercial credit and comptrollers division. He was involved in establishing a manufacturing business in the pesticide industry where his responsibilities including all financial and marketing functions. For the past several year he has been a consultant to business and businessmen in China and the Far East in attracting investment and investors to Canada. Mr. Wen will use his strong network in those countries to secure investment and contracts for the sale of crude oil and oil products.
-------------- Mr. Valeryi D. Krukov-Corporate Legal Advisor
Mr. Krukov graduated from the Law School at University of Krasnodar, Russian Federation in 1999 and has risen through the professional legal system at an extremely quick rate. He worked with the District Attorney's office on cases presenting most difficulty with many complications. He then moved to become Head of the Law Department for the Ministry of Fisheries, until he was appointed as Deputy Chief Judge of the Moscow Supreme Court, where he served for the past two years. Currently, Mr. Krukov is an independent practicing attorney and is the lead advisor to Dresdner Bank for Russia. In Mr. Krukov's role, he will ensure the Company fulfills all the legal requirements of doing business in Russia; review and participate in negotiations of acquisitions and joint ventures the Company may enter into. Further, Mr. Krukov's knowledge and experience of the financial industry in Russia will enable him to assist in securing and closing project financing with the various financial institutions the Company will be approaching, both in Russia and Europe.
Mrs. Elena V. Korzun, Ph.D. Oil & Gas - Consulting & Lobbying Dr. Korzun is the General Director of "AssoNeft", the Association of small and medium size oil & gas producers in Russian Federation which was established in 1994. The association has 45 member companies. These companies own more than 400 oil fields and has produced more than 16 million ton of crude oil in 2003. Approximately 20,000 people are employed by these companies. Dr. Korzun is considered as an expert in the laws & regulations for the oil and gas industry. She has successfully lobbied the Federal Government on many occasions on behalf of "AssoNeft", to increase opportunities, and advantages for the smaller independent producers, and government benefits for the workers. Dr. Korzun will assist the Company in establishing its operations in the Russian Federation, by introducing and promoting it to the other producers.
Victor P. Philipov, PhD., Geology - Consulting Geologist
Dr. Philipov is Dean of the Geological Faculty of the Gubkin Oil and Gas University in Moscow, and is considered as the expert in oil and gas in the Russian Federation. He has over 25 years experience with the Ministry of Oil and Gas Industry, where the last position he held was Chief Geologist. During his career he explored and documented geological findings for all regions of the former Soviet Union.
Dr. Philipov will assist the Company in identifying sites that have the greatest probability of reserves with least recovery costs. He also will ensure geological and feasibility studies contain necessary information and data to receive approval from the appropriate authorities.
Alexander A. Arbatov, PhD., Economics - Consulting
Posts: 18 | Registered: Dec 2004
| IP: Logged |
posted
Big news today! only going to get better with future news. Financing was the key they needed to get this rolling.
Posts: 18 | Registered: Dec 2004
| IP: Logged |
posted
Strat Petroleum Announces Agreement with Houston based Tejas Corporate Partners L.P. 2/9/2005 4:54:00 PM
TORONTO, Feb 9, 2005 (BUSINESS WIRE) -- Strat Petroleum, Ltd. (OTCPS: SPRL) is pleased to announce that it has retained the services of the Tejas Corporate Partners L.P. (www.tejascorp.com), a highly-respected consulting firm, based in Houston, Texas.
"We are excited to retain the services of such a highly-respected consulting firm. We believe that Tejas Corporate Partners L.P. will be important to Strat Petroleum's aggressive acquisition and growth plans, which are solely intended to position us as a top-tier, global, independent oil and gas production company," said Sam Hyams, President and Chief Executive Officer of Strat Petroleum Ltd. "Tejas Corporate Partners is recognized for its unique expertise in strategic consulting to the independent oil and gas industry and has the respect of the business community necessary to assist us in achieving Strat Petroleum, Ltd.'s short and long term financial goals, adds Hyams."
Together Tejas Corporate Partners and Strat Petroleum Ltd.'s management are focused on an acquisition program targeting high quality, low risk oil and gas prospects provided via key strategic alliance partnerships. Tejas Corporate Partners' energy section is currently evaluating and conducting due diligence on a number of promising acquisitions for Strat Petroleum Ltd. Strat Petroleum Ltd. has begun implementing certain aspects of its growth and acquisition strategy developed with Tejas Corporate Partners' and expects to complete the acquisition and development of various properties this month.
"Tejas' Corporate management is focused and committed to effective development of the resource exploration, corporate development and financial governance required to help Strat Petroleum Ltd. build a truly growth-oriented business, said Michael Bradle," Tejas Corporate Partners' managing partner. "These acquisitions reflect Strat Petroleum's commitment to developing a series of strategic oil and gas plays into long term contiguous exploration and development campaigns," adds Bradle.
With offices in Lampasas, TX and Washington, DC, Tejas Corporate Partners is a full-service, global business consulting and strategic communications firm focused on strategies and solutions tailored to their client's specific needs. Tejas Corporate Partners' comprehensive, and integrated portfolio of services are designed to navigate the complex international, government affairs, communications and business development challenges their clients face.
Strat Petroleum, Ltd.'s strategy is to enhance shareholder value through the acquisition of oil & gas properties with proven reserves or producing/capped wells. Should you wish any additional information on our projects or management team, please visit our website at www.stratpetroleum.com or contact our Investor Relations office. Due to the volume of interest we will make every effort to respond as promptly as possible.
posted
These guys are pros with lots of connections.Can only see an up side with tejas at the helm. SPRL won't stay pink for very long. imo.
Posts: 18 | Registered: Dec 2004
| IP: Logged |
posted
The chart looks great. I'm hoping a new support level was established this week at .20.
Posts: 852 | From: Pacific Northwest | Registered: Jan 2005
| IP: Logged |
posted
Don't let this week go by without grabbing SPRL - seeing further uptrending from here, with strong possibility of news to come by Monday. I would secure a position, and hold on.
Posts: 489 | From: Florida | Registered: Aug 2004
| IP: Logged |
posted
Strat Petroleum, Ltd. Reports on Current Status and Forward Momentum; Update on Orenburg Region 2/11/2005 4:00:00 PM
TORONTO, Feb 11, 2005 (BUSINESS WIRE) -- Strat Petroleum, Ltd. (OTCPS: SPRL) is pleased to announce that the Company, has progressed rapidly in its intent to firm acquisitions in the Orenburg region.
In line with its strategic growth objectives, Strat executives have met with the senior representatives of Gazprom in Orenburg. Both parties have confirmed their desired intent to continue in joint venture discussions. Preliminary discussions have led to interest in 4 additional fields aside from the Rozhdestvenskoe oil site, and Strat executives have requested for appropriate documentation in order to submit an official tender on 3 of the sites.
"These are very exciting times for Strat management and shareholders", according to Sam Hyams, President and Chief Executive Officer of Strat Petroleum Ltd. "The culmination of over a decade of hard work is only now beginning to see fruition". "The group from Tejas has already begun to do its due diligence on analyzing and verifying geological and legal documentation presented to us on these and other fields".
Additionally, the company has completed a Memorandum of Understanding to acquire a field in the northern region of Orenburg. The field covers over 300 km(2), with current estimates of 1.5 million metric tonnes of proven reserves, and 3.5 million metric tonnes of probable reserves. Strat will assume at least 75% and up to 90% of the field.
"It is our intent to keep our shareholders updated on our status and progress," stated Sam Hyams. "At this point in time, it is not prudent to discuss, in detail, the planned projects with Gazprom or the potential acquisition candidates for competitive reasons. However, we felt it important to inform the investment community of the Company's progress in both areas and its intention to maximize on all of its well-thought out relationships. Clearly, the focus is to execute on our plan to position Strat as a leader in the international oil and gas arena, which is the focus of the Company's efforts."
Strat Petroleum, Ltd.'s strategy is to enhance shareholder value through the acquisition of oil & gas properties with proven reserves or producing/capped wells. Should you wish any additional information on our projects or management team, please visit our website at www.stratpetroleum.com or contact our Investor Relations office. Due to the volume of interest we will make every effort to respond as promptly as possible.
posted
If you want a new Corvette, speedboat, cratchrocket, pair of jetski's, etc. for THIS SUMMER - divide the price of what you want by 10, and buy that amount of SPRL immediately...!!!
"...YOU SNOOZE - YOU LOSE..." - "..BUY or CRY.." - "..BE BOLD & HOLD..".
This stock was brought here to you at $0.03 two months ago, get with the program - or buy a drying towel to go with your stale light beer.
posted
Doing great today.. very solid, moving up here..
...the company has completed a Memorandum of Understanding to acquire a field in the northern region of Orenburg. The field covers over 300 km(2), with current estimates of 1.5 million metric tonnes of proven reserves, and 3.5 million metric tonnes of probable reserves. Strat will assume at least 75% and up to 90% of the field.
Going to be big.
-------------------- FurrySound -DD-GLTA-Unless I've quoted a source, I know not what I speak of. YahooIM=FurrySound Posts: 2170 | From: Pennsylvania, USA | Registered: Mar 2004
| IP: Logged |
posted
I sold too early on this on (on the last gain). Looks like another nice step up on the chart. Could be a good penny long stock.
Posts: 852 | From: Pacific Northwest | Registered: Jan 2005
| IP: Logged |
-------------------- FurrySound -DD-GLTA-Unless I've quoted a source, I know not what I speak of. YahooIM=FurrySound Posts: 2170 | From: Pennsylvania, USA | Registered: Mar 2004
| IP: Logged |
posted
Very bullish, furry! No selloff on news...still trending up. Would be a nice grab on a dip, imo. Great call from the BreakoutPennies group from .18!
Posts: 489 | From: Florida | Registered: Aug 2004
| IP: Logged |
posted
Some big block buys today! 400k@29.2 and 425k@28.2 On a pink penny stock? Wake up folks this will not be pink forever!
Posts: 18 | Registered: Dec 2004
| IP: Logged |
posted
SPRL: This Little Pinkie Went To Market by Steven Hastings
Investing and You! By Steven Hastings UCD Investment Club
This Little Pinkie Went To Market!
In the world of investments, treading into the unknown can be a very hazardous journey. While the majority of investors opt for companies traded on the large stock exchanges such as the New York Stock Exchange, NASDAQ and AMEX, there are thousands, if not millions of people who choose to roll the dice with companies traded on the OTC Bulletin Board, or even more risky, the Pink Sheets.
The Pink Sheets does not require companies whose securities are quoted upon its systems to meet any listing requirements. With the exception of a few foreign issuers, the companies quoted in the Pink Sheets tend to be closely held, extremely small and/or thinly traded. Most do not meet the minimum listing requirements for trading on a national securities exchange. Many of these companies do not file periodic reports or audited financial statements with the SEC, making it very difficult for investors to find reliable, unbiased information about those companies. For all of these reasons, companies quoted in the Pink Sheets can be among the most risky investments. That's why you should take extra care to thoroughly investigate any company quoted exclusively in the Pink Sheets.
Most Pink Sheet stocks are literal money pits. Company CEO’s have routinely cheated investors and have lined their own pockets through avenues such as “toxic” financing arrangements, issuing S-8’s and good old fashion selling while hyping the stock through brokers and wire services.
Often, a company once trading on a big exchange finds itself demoted to the Pink Sheets as it either tries to restructure itself, or is just stuck there as a last rite of passage to the stock graveyard. Adelphia Communications (ADELQ) fits within this category. Once a darling among investors, due to a major CEO scandal that rocked the investment community, it is now bankrupt, and trading on the Pink Sheets with very little hope of ever getting back to the big boards as it goes through the liquidation process.
Often times however, a company will use the Pink Sheets as a stepping stone to the bigger exchanges. Many reasons are possible, but the biggest one is usually the cost factor. Without required filings, CEO’s can save time and money when first starting out, and consequently, pump those savings back into the business to help grow it. When sales and revenues start to generate, CEO’s can then seek applications to the larger exchanges.
But not all is gloomy in the Pink world. If one researches diligently, finding a needle in a haystack is possible. A Pink Sheet listed company that I am keeping my eye on is Strat Petroleum Ltd., (SPRL) an Oil and Gas company whose strategy is to enhance shareholder value through the acquisition of oil & gas properties with proven reserves or producing/capped wells.
They began trading on the Pink Sheets in July of 2004 and since then, investors have seen the stock rise from under a penny to a recent high of about thirty cents. But what makes this U.S. company so unique is that they are focusing their efforts of becoming a top oil company by investing in, of all places, Russia. On the outside, one could look at that as carrying extra risk. But on a recent trip to the former Soviet Union, the company was able to secure their first oil field purchase, out of several they have identified and are pursuing. Strat Petroleum Ltd may be an exception to the Pink Sheet rule, or at least appears to be. Again, without listing requirements it’s difficult to know for sure. But I think that Strat Petroleum Ltd has excellent potential. Their Board of Advisor’s is a virtual Who’s Who of industry leaders, many of whom are Russian, which makes it even more attractive. See more about Strat Petroleum Ltd at www.stratpetroleum.com.
If you choose to invest in a Pink Sheet stock, or any stock for that matter, please do so with caution, and only after you have done the appropriate research. For tips on investing, please visit www.sec.gov .
Consult a professional investment advisor before making any investment decision.
The securities mentioned in this paper are not appropriate for all investors. While all reasonable effort is made to ensure the accuracy of information and data contained herein, accuracy cannot be guaranteed. Past performance is not a good predictor of future performance. Results are not guaranteed and we assume no liability whatsoever for any material losses that may occur.
No compensation for suggesting particular securities or financial advisors is solicited or accepted. The information on this document, and in its related documents, is not intended to be, nor does it constitute, financial advice or recommendations.
posted
Strat Petroelum, Ltd. could get a big boost from this.....
Monday, February 28, 2005. Issue 3114. Page 1.
Houston Court Rejects Yukos Appeal By Catherine Belton Staff Writer
A Houston bankruptcy judge has dismissed Yukos' petition for bankruptcy protection in the United States, apparently lifting a major barrier in the Kremlin's drive to create a national energy champion via the merger of Gazprom with state-owned oil firm Rosneft.
The ruling, issued late Thursday and immediately disputed in an appeal filed by Yukos the next day, came after days of deliberation in an unprecedented case that sought to pit the U.S. legal system against the Russian government over its plans to break up Yukos over back taxes.
The proceedings had put the brakes on a Kremlin push to merge Gazprom with Rosneft -- which acquired Yukos' main production unit, Yuganskneftegaz, after a December auction -- over fears Rosneft could face legal action for being in breach of U.S. law.
But in what Judge Letitia Clark called the "largest bankruptcy case ever filed in the United States," she ruled that Yukos' "sheer size" and "impact on the entirety of the Russian economy weighs heavily in favor of allowing resolution in a forum in which participation of the Russian government is assured," according to a copy of her ruling.
The Russian government had not sent any representatives to participate in the Houston hearings and had reacted angrily to the case, claiming the Yukos affair was a matter for Russian courts to decide.
Before the Dec. 19 sale of Yuganskneftegaz as partial payment for $27.5 billion in back taxes, Yukos produced 20 percent of the nation's oil output. Thursday's ruling could signal the end for Yukos, opening the way for the rest of its assets to be sold off or taken over by the state in what has been an unprecedented legal campaign against the company and its shareholders. Yukos had argued the U.S. bankruptcy court was its last chance for protection against the Russian state, which, it said, had rejected all its overtures to restructure its debts and was set on "expropriating" its assets.
But Clark also found that Yukos' ability to carry out a restructuring plan under U.S. bankruptcy protection without the cooperation of the Russian government would be "extremely limited" -- a factor that, according to the ruling, was another reason for the dismissal.
Yukos immediately challenged the judgment. Its lawyers filed a motion late Friday that called for a new trial and for Clark to keep a stay protecting Yukos' assets in force until all its opportunities to contest the ruling had been exhausted.
"If there is no stay in place while Yukos pursues its post-judgment remedies, Yukos will likely suffer irreparable harm," Yukos' lead lawyer, Zack Clement, wrote in the appeal.
Clark issued an automatic stay against the sale of Yugansk after Yukos lodged an emergency petition for bankruptcy protection just days before the auction was to take place. The government sold off the unit anyway. But since then, it has backed off from taking action against Yukos' remaining assets, including production units Samaraneftegaz and Tomskneft, Clement said in his filing.
"Without the automatic stay, Yukos will be dismembered quickly through inappropriate processes," he said.
But even as Yukos pushes to keep its case in the U.S. bankruptcy system, analysts said Clark's initial ruling appeared to give little hope for the oil major. "It's really difficult to see after all the deliberations that any appeal will be successful," said Steven Dashevsky, head of research at Aton.
Dashevsky said that even though Gazprom will likely wait until the hearings were completely over before completing its merger with Rosneft, it will now probably speed up those plans.
Gazprom spokesman Sergei Kupriyanov said Friday that the ruling will ease the way for Gazprom to go ahead with the merger.
Gazprom local shares climbed to a 10-week high to close at 79.5 rubles (about $3) Friday on news of Yukos' setback. Gazprom's merger with Rosneft is also set to open the way for the lifting of barriers to greater foreign ownership in Gazprom, a long-expected watershed event for the market. By merging with Rosneft, the government aims to increase its stake in Gazprom to 51 percent, allowing for trade in the rest of its shares to be liberalized.
Yukos shares, however, plummeted 22 percent in the first three minutes of trading Friday on the MICEX.
Yukos' unexpected U.S. legal challenge in December dragged Rosneft into an intricate legal tangle that opened the way for growing opposition to the merger from within the company itself. Following its purchase of Baikal Finance Group, the mystery shell company that bought Yugansk for $9.3 billion on Dec. 19, Rosneft's assets tripled in size. The oil firm's management suddenly moved from running a mid-sized oil firm to being in charge of a company able to give the global majors a run for their money. Now many analysts believe the main opposition to Gazprom merging with Rosneft may come from within Rosneft itself.
The Kremlin, however, appears to be moving to scotch any Rosneft plans to hinder the deal. A scheme for Rosneft's subsidiaries, including its production units, to lend the parent company about $5.5 billon has now been called off indefinitely, Rosneft spokesman Vladimir Voyevoda said Friday. The deal was seen as helping finance the Yugansk acquisition.
The company said Friday that it has canceled plans to hold extraordinary shareholders meetings at its subsidiaries to vote on the debt issues to Rosneft.
If implemented, the plan could have torpedoed Gazprom's merger plans by potentially tainting Rosneft's major assets with the Yugansk acquisition.
"The boards of directors [at the subsidiaries] found that the question forwarded for the extraordinary shareholders meetings had not been thought out properly," Voyevoda said. He refused to say whether the cancellation had come as a result of Kremlin intervention.
Vedomosti reported earlier this month that the Kremlin had called Rosneft on hearing of the plan and ordered it to call the debt deal off.
Investors and analysts said the move looked like the Kremlin was taking the upper hand in making sure the merger powered through. "It looks like a strong sign that the individuals pursuing this plan have been trumped by the Kremlin's main objective to ensure the state gets control of Gazprom," said William Browder, CEO of Hermitage Capital Management, which has $1.6 billion in Russian stocks under management.
"The main assumption we have always been operating on is that next to making [Yukos core shareholder Mikhail] Khodorkovsky poor, the other strategic objective [President Vladimir] Putin has is getting control of Gazprom," he said. "They will raise the state's stake to 51 percent one way or another. Now after the Houston ruling they will get there faster. But even if Houston had gone wrong, they would have got there.
"The main question now is how you value Rosneft now that it has Yugansk," he said.
In a sign Rosneft could still be holding out for independence, it appears to be seeking to buy back its stakes in the vast Arctic fields it sold to Gazprom at the end of December for more than $1.7 billion in a deal widely seen as covering the cost of Baikal's deposit to take part in the auction. "The agreement included a buyback clause," Voyevoda said, refusing to comment further.
Government officials have said Rosneft could be merged with Gazprom without Yugansk -- potentially one way to keep hungry Rosneft officials happy if they were to manage Yugansk as a separate entity.
But Troika Dialog issued a report Friday that said it was becoming increasingly difficult to separate Yugansk from Rosneft as the two companies hammer out the details of their integration. It cast doubt on whether the merger would take place at all, citing continuing legal risk surrounding Rosneft because of a separate legal action launched by Yukos' main owner Group Menatep. Menatep said earlier this month that it was suing the Russian government for $28.3 billion in damages over the breakup of its company under the terms of the international energy charter treaty.
Tim Osborne, a Group Menatep director, said Friday that the Houston setback would not impact Menatep energy charter case. "Its a huge disappointment for Yukos in that it was its last hope of justice," he said. "But the Houston ruling does not make any difference to our case. In some ways it clarifies the situation. Yukos will now be left to the machinations of the Russian court system. I can't see how it can avoid bankruptcy."
Michael Goldberg, the lead lawyer for Gazpromneft, which was named as a defendant in Yukos' case, said Friday that he thought any appeal by Yukos would have little chance of success. "I am absolutely convinced there is no basis for an appeal," he said.
Yukos claimed Houston had jurisdiction for the filing because its CFO, Bruce Misamore, relocated there to open an office in December and because it transferred $21 million into a U.S. bank account to support the move. Clark's ruling did grant jurisdiction on this basis but found instead that Yukos was so significant to the Russian economy that she could not take the case.
MOSCOW (Reuters) - Fears for the future of rare whales will not halt the Shell-led Sakhalin-2 gas project in Russia's far east, Shell's country manager said on Friday.
John Barry told Reuters the $10 billion venture, one of Royal Dutch/Shell's biggest, was on track to deliver its first cargo of Liquefied Natural Gas (LNG) in 2007 as planned.
The consortium recognized environmentalists' concerns and was considering measures such as re-routing pipelines to avoid damage to the gray whales' habitat, he said in an interview.
"The project is going ahead. I want to be unambiguous about that," Barry said.
He said some statements in a report last week by environmentalists, which was requested by Shell, had been taken out of context, in particular a recommendation to halt the project to take stock of its effect on the whales.
"What it said was, the most precautionary approach would be to stop and gather further data," he said. "But it did say that if the project went ahead, mitigation measures were needed.
"That is important because the project is going ahead and there is no question of stopping it. It is an overwhelmingly positive project for Russia, for the shareholders and for the whole Asia-Pacific region," he said.
Sakhalin-2 last week said it had signed up buyers for 70 percent of its planned capacity of 9.6 million tons of LNG and Barry said talks were on to sell the remaining volumes in 2005.
Sakhalin is seen as a key project for Shell, rebuilding investor confidence after admitting last year it had exaggerated oil reserves. The major also sees it as a possible launchpad for further expansion in Russia.
Barry said talks on Russian Gazprom's entry into Sakhalin-2 were in an "advanced stage." Gazprom and Shell are also discussing possible options for joint development of the Shtokman and Zapolyarnoye-Neocomian fields.
"Sakhalin is a very strategic asset for Shell, Mitsubishi and Mitsui. Clearly one doesn't let people in for free," he added.
BARRIERS TO INVESTMENT
Barry said projects like Sakhalin-2 proved foreign capital and expertise were vital for Russia, which has said it will bar foreign companies from "strategic" natural resource projects.
"The Russian government has always been clear that certain assets may be declared as strategic and reserved for Russian or Russian-controlled entities," Barry said.
"The only comment I'd make is that it is best for Russia to use that rather sparingly if it wants to encourage maximum competition and efficient development, and not to declare every asset strategic."
While Russia has said foreign companies will be allowed to operate in certain northern or offshore projects, oil majors fear they will be denied access to large chunks of the sector, especially in new fields in Eastern Siberia.
Analysts have also greeted the reports with dismay, saying foreign capital and expertise may be essential if Russia's crude output growth, faltering in recent months, is to be sustained.
"Russia is not the only state to reserve this right as a sovereign nation. All I'd say is it will be in Russia's own interests not to pull that trigger too often," Barry added.
Investor confidence in Russia has been shaken by the case of YUKOS, the huge oil firm now crushed by a $27 billion backtax claim. Many say tax and regulatory uncertainties are still holding back investments and economic growth.
"It is not about being Russian or foreign, it's about creating an enabling environment for future investment," Barry said. "There has been a lot of progress in recent years but there are still improvements that can be made to the legal framework and in terms of fiscal fine tuning."
This is especially true for huge capital intensive projects with long payback times, he said.
"You would probably get the same answer to that from (Russian firm) Surgut as you would from Shell or ExxonMobil."
Reuters - Feb 25 2005 10:20AM SCIENCE-ENERGY-SHELL-SAKHALIN-DC
If you want in on these kind of projects cheap - buy some SPRL absolutely as soon as possible.
posted
Seems the folks pumping this one up have vanished hmmmm thats odd LOL
Posts: 396 | From: Blue Springs MO USA | Registered: Oct 2004
| IP: Logged |
posted
Strat Petroleum Announces Reaching an Understanding to Acquire 50% Interest in Oil & Gas Drilling and Exploration Company in Orenburg 3/8/2005 4:52:02 PM
In line with our strategy of building shareholder value by acquiring assets or seeking out opportunities with significant potential and probability of success, the Company has reached an understanding to acquire a 50% interest in Saraktasch Oilgas Drilling Expedition Co., located in the Orenburg Region, through a share exchange.
Saraktasch is a drilling and exploration Company with six drilling rigs, and over 150 employees servicing, Companies like, Gasprom, Orenburghneftegas, TNK, Burgas, Gas & Oil Co. and others under long-term contracts. The Company also owns various other assets, such as land, storage facilities and equipment to support its operations.
The opportunity available to Strat Petroleum is to share in future revenues from contracts currently in place; grow the business through the investment in more advanced drilling, exploration and recovery technologies; and add other services to offer its clients. A further growth opportunity offered through this venture is to secure crude oil and other refined products for sale into local and export markets.
This venture will also provide many new opportunities in the Region for the Company to partner with its clients in other projects, and currently some of these opportunities are being evaluated to determine the level of commitment, if any, the Company will be making.
Strat Petroleum, Ltd.'s strategy is to enhance shareholder value through the acquisition of oil & gas properties with proven reserves or producing/capped wells. Should you wish any additional information on our projects or management team, please visit our website at www.stratpetroleum.com or contact our Investor Relations office. Due to the volume of interest we will make every effort to respond as promptly as possible.
Statements made in this press release regarding the Company's or management's intention, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to compete effectively in a rapidly evolving and price competitive marketplace; uncertainties of completing business transactions; uncertainties of raising necessary capital; no control over long term pricing; possible reductions in demand for our products and services due to competition or changes in industry conditions or political environment; changes in the nature of energy regulation in the Russian Federation, the United States and other countries; political risk; currency exchange risk; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; reliance on management and management contacts; and other risks that may be referenced from time to time in the Company's filings with the Securities and Exchange Commission.
quote:Originally posted by Sgt. Steiner: Seems the folks pumping this one up have vanished hmmmm thats odd LOL
"...More News to come..", per management. The recent trip to Russia yiedled more deals than they had ever hoped for. If you don't read the other major stock Boards, you're simply out of the loop.
The longs are loaded up, so try not to let your opportunity to ride along pass you by.
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Big Grin]](biggrin.gif)
