Strategic American Oil Corporation Acquires Previously Producing Wells in Louisiana
October 28 2009 - 9:00AM
PR Newswire (US)
CORPUS CHRISTI, Texas, Oct. 28 /PRNewswire-FirstCall/ -- Strategic
American Oil Corporation (OTC:SGCA) (BULLETIN BOARD: SGCA) ("the
Company"): is pleased to announce it has completed leasing of over
93% of the mineral interest in the 160 acre Dixon Lease located in
the Delhi South Field, Franklin Parish, Louisiana.. The balance of
the Material Interest (~7%) is expected to be leased shortly. The
Dixon lease contains two temporarily abandoned oil wells at
approximately 3400 feet along with two possible offset drilling
locations and a salt water disposal well ("SWDW"). The Company and
its operating partner, Tradestar Energy, Inc., plan to re-work and
re-equip the existing wells and re-work and re-permit the SWDW.
Tradestar can earn a 50% working interest in the leasehold by
funding the cost of re-working and re-equipping the two existing
wells along with the saltwater disposal well. The Dixon lease was
acquired by the Company's wholly owned (Louisiana registered)
subsidiary, Penasco Petroleum, Inc. and will be operated by
Tradestar Energy, Inc. Randall Reneau, President and CEO stated,
"The Dixon acquisition is a relatively low risk, two well re-entry
project that significantly increases the Company's acreage position
in the Delhi South Field by 114% and, once workovers are completed,
will add to the Company's daily oil production and reserve base in
Louisiana." About Strategic American Oil Corporation The Company
(OTCBB: SGCA) is an exploration and production company with
operations in Texas, Louisiana, and Illinois. The Company draws on
an internationally recognized team of geologists, engineers and
executives with extensive oil and gas exploration and production
experience. The Company's objective is to find and acquire oil and
gas projects of merit and develop those projects to their full
potential. For further information please contact:
http://www.strategicamericanoil.com/. Safe Harbor Statements Except
for the statements of historical fact contained herein, the
information presented in this news release constitutes
"forward-looking statements" as such term is used in applicable
United States and Canadian laws. These statements relate to
analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects" or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans, "estimates" or "intends", or stating
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved) are not
statements of historical fact and should be viewed as
"forward-looking statements". Such forward looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such risks and other factors include,
among others, the actual results of exploration activities,
variations in the underlying assumptions associated with the
estimation or realization of oil or gas resources, the availability
of capital to fund programs and the resulting dilution caused by
the raising of capital through the sale of shares, accidents,
labour disputes and other risks of the oil and gas industry
including, without limitation, those associated with the
environment, delays in obtaining governmental approvals, permits or
financing or in the completion of development or construction
activities, title disputes or claims limitations on insurance
coverage. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
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 statements contained in
this news release and in any document referred to in this news
release. Forward looking statements are made based on management's
beliefs, estimates and opinions on the date the statements are made
and the Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable law.
Such forward-looking statements reflect our current views with
respect to future events and are subject to certain risks,
uncertainties and assumptions, including, the risks and
uncertainties outlined in our most recent financial statements and
reports and registration statement filed with the United States
Securities and Exchange Commission (the "SEC") (available at
http://www.sec.gov/). Such risks and uncertainties may include, but
are not limited to, the risks and uncertainties set forth in the
Company's filings with the SEC, such as the ability to obtain
additional financing, the effect of economic and business
conditions, the ability to attract and retain skilled personnel and
factors outside the control of the Company. These forward-looking
statements are made as of the date of this news release, and the
Company assumes no obligation to update the forward-looking
statements or to update the reasons why actual results could differ
from those projected in the forward-looking statements. Although
the Company believes that the beliefs, plans, expectations and
intentions contained in this news release are reasonable, there can
be no assurance those beliefs, plans, expectations or intentions
will prove to be accurate. Investors should consider all of the
information set forth herein and should also refer to the risk
factors disclosed in the Company's periodic reports filed from
time-to-time with the SEC. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. DATASOURCE: Strategic American Oil Corporation
CONTACT: Investor Relations, 1-800-643-5815 Web Site:
http://www.strategicamericanoil.com/
Copyright