Stream Oil & Gas Announces TransAtlantic Petroleum's Completion of Due Diligence for Arrangement Transaction

CALGARY, Sept. 29, 2014 /CNW/ - Stream Oil & Gas Ltd. (TSX-V: SKO) ("Stream" or the "Company") announces that, further to its news release dated September 2, 2014 regarding its proposed arrangement transaction (the "Transaction") with TransAtlantic Petroleum Ltd. ("TransAtlantic"), TransAtlantic has advised Stream that TransAtlantic's due diligence condition for the Transaction has been satisfied and that TransAtlantic intends to complete its transaction with Stream.

Stream has accordingly filed notice on SEDAR for a special meeting of shareholders to be held on November 12, 2014 for the purpose of considering and approving the Transaction.  The record date for the special meeting will be October 10, 2014. Full details of the Transaction will be included in an information circular to be mailed to Stream shareholders in connection with the special meeting.

Stream expects that the Transaction will be completed in November 2014, subject to receipt of applicable corporate, government, regulatory and court approvals, among other customary closing conditions.

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.

This news release contains forward‑looking statements that address future events and conditions and are subject to various risks and uncertainties in relation to the Company.  Specifically, the completion of the Transaction is subject to shareholder, court and regulatory approval, including approval of the TSX Venture Exchange.  There is no assurance that the Transaction will be completed.  Forward‑looking statements are based on the expectations and opinions of the management of the Company on the date the statements are made.  The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward‑looking statements.

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.

Dr. Sotirios Kapotas President & Chief Executive Officer, P: [phone], Email [email protected], Website: www.streamoilandgas.com