Strat Petroleum Signs LOI with Planet Resources Recovery Inc. for Remediation of Oil Sludge in Russian Federation



    TORONTO, June 7 /CNW/ - Strat Petroleum, Ltd. (OTC:SPRL), an emerging
exploration and development company focusing on oil and gas opportunities in
the Russian Federation, today announced that it has signed a letter of intent
with Planet Resource Recovery, Inc. (Pink Sheets:  PRRY), developer,
manufacturer and marketer of the PetroLuxus(TM) family of products, to
negotiate a contract for the deployment of PetroLuxus(TM) and its proprietary
processing technology in the Russian Federation and former CIS countries. The
first step will be to design and build a prototype plant that Strat and its
partners will test at one or more locations it is securing, and then build a
full scale plant that could process approximately 3,700 bbls per day.

    During a visit to the Planet Resource Recovery plant, where the
application of some its technologies were demonstrated, Sam Hyams, President
of Strat stated "this solution is what we have been searching for, as it can
treat the most difficult to separate oil sludge." Strat is also pursuing more
conventional technologies to process more pure oil waste, at sites it is
currently negotiating to secure. More details of the agreement and
relationship with Planet Resource Recovery will be disclosed once agreements
have been signed.

    About Strat Petroleum:

    Strat Petroleum is an emerging exploration and development company
focusing on investment in oil and gas properties and other related projects in
the Russian Federation. For more information, please visit the company website
at www.stratpetroleum.com. The company's phone numbers are: 905-761-9169
(main), 416-628-8018 (fax) and 646-216-9751 (U.S.).

    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.




For further information:

For further information: Strat Petroleum, Ltd. Tanya Hyams,
905-761-9169

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STRAT PETROLEUM, LTD.

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