Albania

By OGJ editors
HOUSTON, Oct. 8
– Stream Oil & Gas Ltd., Vancouver, BC, proposes a development plan under which it would assume operation within 12 months of Albania’s Cakran-Mollaj, Gorisht-Kocul, Ballsh-Hekal oil fields.

Upon approval and after funds are raised, Stream will undertake managed reservoir completions at some wells with a goal of at least doubling existing production of 470 b/d before mid-2010. Basic well workovers are sustaining and improving production.

By the end of 2010, Stream plans to hike output at more wells and carry out technical planning for a waterflood at Gorisht and enhanced oil recovery projects at Cakran and Ballsh.

Albania’s Albpetrol agreed to settle an accounts receivable of $1.1 million by providing Stream with additional crude oil for 3 months starting in October 2009.

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