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Strat Petroleum, Ltd.'s Responds to Takeover Offer.

TORONTO -- H. Sam Hyams, President and Chief Executive Officer of Strat Petroleum, Ltd. (Pink Sheets: SPRU), announced today that Strat had received an unsolicited take-over bid circular from International Menu Solutions Corp. The bid offers to purchase outstanding Strat shares on the basis of a share exchange of thirty Strat shares for one International Menu share, plus a cash payment of $0.012 for each Strat share.

Mr. Hyams stated that while the offer appears inadequate, the offer nevertheless will be considered by the Board of Directors and the Board will advise shareholders of its recommendation to accept or reject the offer, within the next 10 days. Mr. Hyams noted, however, that there appears to be no current public information about the bidder, which apparently registered with the Securities and Exchange Commission in 1999 but stopped filing annual and periodic reports with the SEC in 2001, three years ago. Mr. Hyams also noted that the Board of Directors is enthusiastic about the business opportunities for Strat in the near future, particularly in the former Soviet Union, and has expressed its consensus that Strat remain independent.

Strat Petroleum, Ltd.'s strategy is to enhance shareholder value through the acquisition of oil & gas properties with proven reserves or producing/capped wells. Should you wish any additional information on our projects or management team, please visit our website at www.stratpetroleum.com or contact our Investor Relations office. Due to the volume of interest we will make every effort to respond as promptly as possible.

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.
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Publication:Business Wire
Date:Oct 28, 2004
Words:423
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