CALGARY, July 9, 2014 /CNW/ - Stream Oil & Gas Ltd. (TSX-V: SKO) ("Stream" or the "Company") provides clarification regarding the Letter of Intent ("LOI") entered into with Letho Resources Corp. (TSX-V: LET) ("Letho") announced on July 7, 2014. Stream has entered into the LOI to borrow up to Cdn$5.0 million from Letho with the loan to be evidenced by the issuance of a debenture to Letho.  Terms of the debenture are being finalized and are expected to include a right of Stream to convert the debenture into shares of Stream and pre-payment privileges, subject to regulatory approval.

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Forward-Looking Statements

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 under the meaning of applicable securities laws, including Canadian Securities Administrators' National Instrument 51-102 Continuous Disclosure Obligations. Specifically, the completion of the debenture arrangements is subject to finalization of the terms of the debenture that will be mutually agreeable to Stream and Letho and to TSX Venture Exchange acceptance for both companies.

The forward-looking statements contained herein are made as of the date of this release solely for the purpose of generally disclosing the proposed debenture with Letho. 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. There is no assurance that the debenture arrangements will be completed as presently anticipated or at all. Forward-looking statements are based on the expectations and opinions of the management of the Company on the date the statements are made, and are based on assumptions made by and information currently available to the Company, and involve known and unknown risks, uncertainties and other factors. 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. 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.

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.

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