CORPUS CHRISTI, Texas, May 4, 2010 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA) (the "Company") has made strides to further its goal of increasing production through various means to build its revenues and enhance shareholder value while it prepares for upcoming drilling operations. The Company has leased, reworked and purchased oil and gas projects at various stages of development in an effort to build revenues and reserves with a multi faceted approach, including the following:
- Executed the drilling contract for Koliba lease and booked the drill rig for May 15 th
- Acquired the final 10% working interest in the two Barge Canal producing wells
- Leased a 1,043 net acre (m/l) Frio Sand (gas) target in South Texas identified through its acquired 303 sq. mile 3D seismic database
- Leased and reworked the Dixon #1 well to the point of production and currently preparing to rework the Dixon #2,
- Identified and began leasing second waterflood prospect in Illinois Basin
President and CEO Jeremy Driver stated, "We have had a great year to date at Strategic American Oil, where we have seen developments on all fronts and we have only just begun. We are ready to begin drilling the Koliba (our first in-house generated prospect), we have purchased current production at the Barge Canal (at great value to the Company) and we have reworked the first Dixon well to the point of production. These developments are examples of our progress in executing the Company strategy and adding value to our shareholders. We have set a path, we are walking the path and we will continue to walk the path to build Strategic American Oil into a Company of significance."
About Strategic American Oil CorporationStrategic American Oil Corporation (OTCBB:SGCA) is an exploration and production company focused on developing U.S. based oil and gas resources. Led by President and CEO Jeremy Driver, the company draws an internationally recognized team of geologists, engineers, and executives with over 150 years combined oil and gas industry experience. The Company is currently producing oil and gas and has proven reserves in both Texas and Louisiana. It has also recently made progress on its keystone projects in Louisiana, Texas and Illinois. The Company's objective is to find and acquire oil and gas projects of merit and develop those projects to their full potential.