Stream Oil & gas provides 3Q financial & operation results

Stream Oil & Gas Ltd. (TSX-V: SKO) (the “Company”) is pleased to report its financial and operating results for the three months ended August 31, 2012.
Third Quarter Highlights:
• Average net production grew to 1,373 net boed compared to 1,048 net boed in the third quarter 2011.
• Realized average net crude price of $63.88 per barrel, a 9% decrease over $70.55 per barrel in the same period 2011, due to a lower Brent oil price.
• Increased revenue by 133% to $8.0 million for the third quarter of 2012 compared to $3.4 million for the corresponding period in 2011.
• Net operating income increased to $5.7 million from $1.9 million in 2011.
• Commenced work on the installation of an additional six jet pump units at the Cakran-Mollaj oilfield, targeting increasing individual well production to approximately 100 bbls/d, and continued the first phase of the Gorisht-Kocul waterflood project.
Outlook
Stream’s growth strategy is focused on increasing production, reserves, sales and cash flow through the effective development of its Albanian assets. At the same time, the Company is concentrating on developing incremental reserve value opportunities from tertiary development through EOR in the oilfields and exploration of the seismically mapped structures adjacent to its producing Delvina gas condensate field.
Stream’s 2012 work plan incorporates three key elements: a) continued production growth; b) reserves growth; and c) internal corporate/organizational development. Management is committed to execute its 2012 growth program, subject to the availability of resources and services. During the fourth quarter of 2012, Stream plans to commission six additional jet pumps at Cakran-Mollaj, continue workovers and waterflood activities at Gorisht-Kocul and prepare for the complete takeover of the Ballsh-Hekal oilfield. At Delvina, the Company intends to continue preparations for drilling of the first horizontal well, including securing a drilling rig and materials required for the drilling and completion of the well in the first half of 2013.
The execution of the Company’s growth program, negotiation of longer term export contracts and strengthening of its financial resources is expected to result in additional value to Stream and its shareholders.

energjia.al, 05.11.2012