SKO

CALGARY, Oct. 30, 2014 /CNW/ - Stream Oil & Gas Ltd. (TSX-V: SKO) (the "Company") is pleased to report its financial and operating results for the three and nine months ended August 31, 2014.

Q3 2014 Summary of Results

During the nine months ended August 31, 2014, the Company focused its resources on operating its  oilfields, preparing to restart drilling in its gas field, and attending to matters related to the announced transaction with TransAtlantic Petroleum Ltd. ("TransAtlantic").  During the period, the Company maintained its gross oilfield production at approximately 1,488 bpd.  Jointly with Albpetrol, the Company continued its efforts to finalize the amending agreements for the neutralization of the mineral royalty tax, including the elimination of the related share production share obligation resulting from the temporary reversal of the March 2013 agreement.

Third Quarter 2014 Highlights:

• Gross production remained stable compared to the preceding quarter
• Gross revenue remained stable compared to the preceding quarter

Subsequent Events:

• Subsequent to the period end, the Company entered into the following transactions:

            (1)     In the beginning of September, the Company entered into an arrangement agreement with TransAtlantic for merging Stream into TransAtlantic

            (2)     In mid-October, the Company issued its circular relating to the TransAtlantic transaction

Outlook

During the third quarter, the Company continued its fields operations at prior period levels in compliance with its obligations of the TransAtlantic transaction agreements. Management is focused on maintaining ordinary course business operations while supporting the completion of the contemplated transaction.

Additional Information

Stream has filed its Consolidated Financial Statements for the three months ended August 31, 2014, and its related Management's Discussion and Analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained via www.sedar.com or the Company's website, www.streamoilandgas.com.

TransAtlantic Open Houses

On November 3 and 4, TransAtlantic Petroleum Ltd. (NYSE-MKT: TAT) (TSX: TNP) will host open house events in Toronto, Calgary and Vancouver, Canada to discuss its arrangement with Stream.  At the open houses, management of TransAtlantic will give a brief presentation followed by a question and answer session. Interested parties should contact Taylor Beach of TransAtlantic at Taylor.Beach@tapcor.com or +1 (214) 265-4746 to confirm attendance.

Toronto Open House
Monday, November 3, 2014, 12pm EST
One King West Hotel
1 King Street West, Toronto, Ontario M5H 1A1, Canada
Lunch will be served  

Calgary Open House
Tuesday, November 4, 2014, 8am MST
Fairmont Palliser Hotel
133 - 9^th Avenue S.W., Calgary, Alberta T2P 2M3, Canada
Breakfast will be served  

Vancouver Open House
Tuesday, November 4, 2014, 12pm PST
Fairmont Pacific Rim Hotel
1038 Canada Place, Vancouver, British Columbia, V6C 0B9, Canada
Lunch will be served

Forward-Looking Statements

Information in this news release respecting matters such as plans of development or exploration, reserves estimates, production estimates and targets, development costs, work programs and budgets constitute forward-looking information (collectively, "forward-looking statements") under the meaning of applicable securities laws, including Canadian Securities Administrators' National Instrument 51-102 Continuous Disclosure Obligations. Such forward-looking information is based on certain assumptions, including the availability of funds for capital expenditures necessary to construct the infrastructure required for future development, a favorable political and economic operating environment, a consistent rate of well re- completions and costs, success rates, production performance and build-up periods for well re-completions that are consistent with or an improvement over historical levels.

The forward-looking statements contained herein are made as of the date of this release solely for the purpose of generally disclosing Stream's 2014 third quarter results and outlook for 2014. 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. Such forward-looking information reflect management's current beliefs and are based on assumptions made by and information currently available to the Company, and involves known and unknown risks, uncertainties and other factors which may cause the actual costs and results of the Company and its operations to be materially different from estimated costs or results expressed or implied by such forward-looking statements. Such factors include, among others political and economic risks associated with foreign operations, general risks inherent in petroleum operations, risks associated with equipment procurement and equipment failure, availability of qualified personnel, risks associated with transportation, currency and exchange rate fluctuations and other general risks inherent in oil and gas operations.

Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause costs and timing of the Company's program or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. 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.

Use of Boe Equivalents

The oil and gas industry commonly expresses production and reserve volumes on a barrel of oil equivalent (Boe) basis whereby natural gas volumes are converted at the ratio of six thousand cubic feet of natural gas to one barrel of oil. Boe may be misleading particularly if used in isolation. A Boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

About Stream Oil & Gas Ltd.

Stream Oil & Gas Ltd. is a Canadian-based emerging oil and gas production, development and exploration company focused on the re-activation and re-development of three oilfields and a gas/condensate field in Albania. The Company's strategy is to use proven technology, incremental and enhanced oil recovery techniques to significantly increase production and reserves.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Stream Oil & Gas Ltd.