Stream Oil & Gas Ltd. - Officer Appointments, Stock Options and Q1 Update



    TSX-V: SKO

    VANCOUVER, May 8 /CNW/ -

    Additions to Management Team

    Further to the news release of January 22, 2009, Dr. Sotirios Kapotas,
Chief Executive Officer of Stream Oil & Gas Ltd. (Stream or the Company), is
pleased to announce the following new officer appointments: Mike Berezowski,
Chief Operating Officer; Art Agolli, Executive Vice President, Business
Development; Richard Enns, Head of Power and Facilities Division; and Terry
Horkoff, Head of Gas Division.
    Messrs Berezowski, Agolli, Enns, and Horkoff have significant strategic,
technical, engineering and industry expertise in the exploration, development
and production of oil and natural gas in Albania. They will provide services
to the Company under Consulting Agreements dated April 24, 2009.

    Stock Option Grant

    In accordance with Stream's stock option policy, a total of 2,800,000
incentive stock options have been granted to the four new officers to purchase
common shares of the Company at an exercise price of $0.20. Each stock option
will be for a term of three years and is subject to an 18 month vesting
period.

    First Quarter 2009 Results and Update

    During its first quarter of 2009 Stream's total revenue was $809,114
compared to $453,000 during its first four months of operations in 2008. The
Company's net loss for the three months ended February 28, 2009 was $255,674
or $0.01 per share, compared to $267,000 or $0.01 per share for the four
months ended February 29, 2008. The Company's first quarter financial
statements and Management Discussion & Analysis are available on SEDAR
(www.sedar.com) and the Company's website (www.streamoilandgas.com).
    Stream continues to have productive discussions with Albpetrol in
settling outstanding receivables. Albpetrol currently owes Stream about $ 1.4
million for product delivered since November 2008. In order to ensure more
timely payments in future, and reduce reliance on one customer, Stream has
begun cash sales to a new customer who is picking up about 60% of Stream's
crude oil production from Stream's Cakran and Gorisht fields, at a price of
approximately $35 per barrel. This has resulted in a significant cash flow
improvement. In March and April 2009 total cash receipts, net of royalties
were about US $278,000. Current production, net to Stream is about 220
bbls/day.

    The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

    This news release contains forward-looking statements, which relate to
future events or future performance and reflect management's current
expectations and assumptions. Such forward-looking statements reflect
management's current beliefs and are based on assumptions made by and
information currently available to the Company. Investors are cautioned that
these forward-looking statements are neither promises nor guarantees, and are
subject to risks and uncertainties that may cause future results to differ
materially from those expected. These forward-looking statements are made as
of the date hereof and the Company does not assume any obligation to update or
revise them to reflect new events or circumstances except as required under
applicable securities legislation.

    %SEDAR: 00022735E




For further information:

For further information: Sotirios Kapotas is responsible for this news
release and can be contacted at the Company's head office above, or by email
info@streamoilandgas.com; The Company's CFO, Angela Huxham, can be contacted
at (604) 642-6168 or by email ahuxham@streamoilandgas.com

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Stream Oil & Gas Ltd.

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