Report of Foreign Issuer (6-k)
05 April 2019 - 3:42PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13-a16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of March 2019
STRATA POWER CORPORATION
------------------------------------------
(Registrant’s Name)
10010 - 98 Street
PO Box 7770
Peace River, AB T8S 1T3
--------------------------------------------
(Address of principal executive office)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F [X] Form 40-F [_]
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether by furnishing
the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [_] No [ X ]
If “Yes” is marked, indicate
below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
Item 1.01 Entry into a Material Definitive Agreement.
Strata Power Corporation (“Strata”)
has entered into an Exclusive License Agreement (the “Agreement”) with PetroSteam LLC (“PetroSteam”) to
obtain an exclusive license to deploy patented and field tested proprietary technologies utilizing steam generation applied to
bitumen and heavy oil recovery (the “PetroSteam Technology”) in the Provinces of Alberta and Saskatchewan (collectively
the “Territory”). Pursuant to the Agreement, Strata has the exclusive right to use the PetroSteam Technology to produce
within the Territory from its own properties and from those of others.
The Agreement provides for the issuance
of restricted common shares issued by Strata to PetroSteam, to wit: 2,991,400 upon execution of the Agreement; 2,991,400 upon execution
of an agreement to purchase 30,000 barrels of oil per day at C$100 per barrel as a fixed price on an on-going basis.
Subject to the terms of the Agreement,
Strata will purchase equipment, including steam generators, from PetroSteam. The first unit (5 mmbtu at 600 psi) will be acquired
for $2 Million USD and 3 units (30 mmbtu at 850 psi) for $10.5 Million USD. Additional units may be purchased from PetroSteam as
required by Strata.
Strata shall also pay to PetroSteam a royalty
payment of six percent (6%) on that portion of the Gross Selling Price, which is defined as the total consideration paid by the
purchaser for oil and gas produced using the PetroSteam Technology from the Properties to Licensee and any approved sub-licensee.
Strata has a first right of refusal to buy this royalty from PetroSteam.
PetroSteam is the exclusive owner of the patented PetroSteam Technology on a global basis. The PetroSteam Technology utilizes an
oil steam generation system (patented), the High Temperature Mixed Gas Generator (HTM
₂
G),
utilizing patented Immersed Combustion Technology (ICT) to minimize emissions and waste heat as no combustion gases are released
to the atmosphere. Produced gases are injected into the formation along with the steam providing additional energy to the reservoir
in the form of compressed nitrogen (N
₂
) and CO
₂
.
The PetroSteam Technology results in greater than 99% thermal transfer energy efficiency and also greater than 99% combustion efficiency
and is virtually zero emission. The PetroSteam Technology also has a substantially smaller surface footprint than conventional
steam generation technologies; and is highly mobile.
The PetroSteam Technology also includes
a proprietary Cyclic Steam Stimulation computer model, which generates expected production increases from target reservoirs using
available parameters such as pay thickness, porosity, permeability and crude API.
The PetroSteam Technology is patented and
has been field tested.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly
authorized.
Strata Power Corporation
___
/s/ Trevor
Newton
______________
By: /s/ Trevor Newton
Name: Trevor Newton
Title:
President
Date: April 4, 2019
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