SOURCE: Strata Oil & Gas Inc.

October 06, 2006 09:30 ET

Strata Oil & Gas Inc. Announces Its Results for the Interim Period Ended June 30, 2006

CALGARY -- (MARKET WIRE) -- October 6, 2006 --Strata Oil & Gas Inc. (OTCBB: SOIGF) announced today the company's Balance Sheet and Income Statement for the quarter ending June 30th, 2006.

Strata Oil & Gas is a trademark of Strata Oil & Gas Inc. This announcement contains forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, risks related to petroleum exploration, limited access to operating capital, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Strata's filings with the Securities and Exchange Commission which may be accessed through the SEC's web site at www.sec.gov


                          STRATA OIL & GAS INC.
                        (Formerly Stratabase Inc.)
                      (An Exploration Stage Company)

                              BALANCE SHEETS
                        (Expressed in US Dollars)




                                                  JUNE 30     DECEMBER 31
                                                    2006          2005
                                                (unaudited)
                                                ============  ============
Assets
Current
    Cash                                        $  5,207,674  $     74,436
    Receivables                                        4,329         6,638
    Prepaid expenses                                   2,054             -
    Investments - available for sale (Notes
     4 and 5)                                         61,961             -
                                                ------------  ------------
        Total current assets                       5,276,018        81,074
Oil and gas property interests (Note 6)            1,484,639       128,733
                                                ------------  ------------
Total Assets                                    $  6,760,657  $    209,807
                                                ============  ============

Liabilities and Stockholders’ Equity
Liabilities
Current
    Accounts payable                            $     21,103  $     18,536
    Accrued liabilities                                    -        38,693
                                                ------------  ------------
        Total current liabilities                     21,103        57,229
                                                ------------  ------------
Stockholders’ equity
    Preferred stock, no par value, unlimited
     shares authorized and unissued                        -             -

    Common stock, no par value, unlimited
     shares authorized; 27,487,544 shares
     issued and outstanding at June 30, 2006
     (December 31, 2005 – 22,113,944)              7,011,684       529,834
    Additional paid-in capital                    11,723,665     4,268,258
    Accumulated deficit                           (2,748,790)   (2,748,790)
    Deficit accumulated during the
     exploration stage                            (9,164,330)   (1,866,518)
    Accumulated other comprehensive loss             (82,675)      (30,206)
                                                ------------  ------------
        Total stockholders’ equity                 6,739,554       152,578
                                                ------------  ------------
Total Liabilities and Stockholders’ Equity      $  6,760,657  $    209,807
                                                ============  ============

                          STRATA OIL & GAS INC.
                        (Formerly Stratabase Inc.)
                      (An Exploration Stage Company)

          INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
                        (Expressed in US Dollars)



                                     FOR THE THREE MONTHS
                                        ENDED JUNE 30
                                       2006        2005
                                   (unaudited)  (unaudited)
                                  ------------  ------------
Expenses
 Salaries and benefits            $        208        43,974
 Professional fees                      20,381        12,687
 Office and sundry                      25,813        12,323
 Rent                                        -         5,450
 Consulting fees                        22,757        18,697
 Transfer agent fees                     2,085             -
 Depreciation                                -         4,410
 Stock-based compensation (Note
  4)                                 6,538,901             -
                                  ------------  ------------
                                    (6,610,145)      (97,541)
                                  ------------  ------------

Other income (expenses)
 Interest and miscellaneous
  income                                 7,551         1,271
 Interest expense                            -             -
 Gain on settlement of loan (Note
  5)                                   132,564             -
                                  ------------  ------------

                                       140,115         1,271
                                  ------------  ------------
Loss from continuing operations     (6,470,030)      (96,270)
Income (loss) from discontinued
 operations (Note 7)                   130,000       (19,599)
                                  ------------  ------------
Net loss for the period             (6,340,030)     (115,869)
Other comprehensive loss
 Unrealized holding loss on
  investments available for sale
  (Note 5)                             (53,382)            -
 Foreign currency translation
  adjustments                             (256)       (1,724)
                                  ------------  ------------
Comprehensive loss                  (6,393,668)     (117,593)
                                  ============  ============
Basis and diluted loss per share
 From continuing operations              (0.26)        (0.00)
 From discontinued operations             0.01         (0.00)
                                  ------------  ------------
                                         (0.25)        (0.00)
                                  ============  ============
Weighted average shares
 outstanding                        24,927,482    21,829,944
                                  ============  ============


                                      FOR THE SIX MONTHS          FROM
                                        ENDED JUNE 30         ENTERING THE
                                                              EXPLORATION
                                      2006         2005         STAGE TO
                                                                JUNE 30,
                                  (unaudited)   (unaudited)       2006
                                  ------------  ------------  ------------
Expenses
 Salaries and benefits            $     10,564  $     72,227  $     67,333
 Professional fees                      21,677        14,228        54,370
 Office and sundry                      37,824        22,700        58,323
 Rent                                        -        10,973         9,414
 Consulting fees                        42,842        33,697        61,916
 Transfer agent fees                     2,875             -         7,515
 Depreciation                                -         8,913         5,607
 Stock-based compensation (Note
  4)                                 7,455,407             -     9,147,078
                                  ------------  ------------  ------------
                                    (7,571,189)     (162,738)    9,411,556
                                  ------------  ------------  ------------

Other income (expenses)
 Interest and miscellaneous
  income                                10,813         2,314        18,353
 Interest expense                            -             -       (26,444)
 Gain on settlement of loan (Note
  5)                                   132,564             -       132,564
                                  ------------  ------------  ------------

                                       143,377         2,314       124,473
                                  ------------  ------------  ------------
Loss from continuing operations     (7,427,812)     (160,424)   (9,287,083)
Income (loss) from discontinued
 operations (Note 7)                   130,000       (57,669)      122,753
                                  ------------  ------------  ------------
Net loss for the period             (7,297,812)     (218,093)   (9,164,330)
Other comprehensive loss
 Unrealized holding loss on
  investments available for sale
  (Note 5)                             (53,382)            -       (53,382)
 Foreign currency translation
  adjustments                              913        (1,400)          523
                                  ------------  ------------  ------------
Comprehensive loss                $ (7,350,281) $   (219,493) $ (9,217,189)
                                  ============  ============  ============
Basis and diluted loss per share
 From continuing operations       $      (0.32) $      (0.01)
 From discontinued operations             0.01         (0.00)
                                  ------------  ------------
                                  $      (0.31) $      (0.01)
                                  ============  ============
Weighted average shares
 outstanding                        23,573,292    21,332,706
                                  ============  ============



Contact Information

  • Contact:
    Terry Uppal
    Investor Relations
    Toll-free 1-800-488-0032