Strategic American Oil Corporation Completes 'DST' Leasing In Illinois As Part Of Larger Drilling Package
CORPUS CHRISTI, Texas, June 2, 2010 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA) (the "Company") is pleased to announce it has completed leasing the DST prospect in the Illinois Basin. The project covers approximately 1,000 acres and according to the Illinois State Geological Survey (ISGS) is on trend with and offsets fields that have produced from 764,600 to 3,570,500 barrels of oil from depths of 3,000 to 4,000 feet. The Company will now work to secure additional working interest partners in an effort to drill an offset well on the DST acreage. This prospect was identified from geologic and historic well information provided by the ISGS .
The DST prospect is a part of broader effort by the Company to create a package of drilling prospects ranging from lower risk offsets to higher risk step-out wells. This portfolio of prospects will provide SGCA and its working interest partners a relatively low risk/high reward portfolio of drilling locations in the heart of the Illinois Basin where, according to the ISGS, recent calculations suggest that remaining mobile resources in the Illinois Basin may be as much as 4.1 billion barrels.
The Illinois BasinStrategic American Oil Corporation has a strong interest in developing oil from primary and secondary recovery in the Illinois Basin for numerous reasons, including:
- Low lease costs at $10-25/acre
- Low royalty rate at 12.5 percent
- Shallow target zones of 2,000 – 4,000 feet
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