Strategic American Oil Corporation Completes Leasing Of Oakdale NE Field
CORPUS CHRISTI, Texas, Sept. 24, 2010 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA) (the "Company") is pleased to announce it has completed leasing the Oakdale NE (Northeast) Prospect in the Illinois Basin. The Company has evaluated geologic and trend information, including surrounding well control and is enthusiastic about the potential. Currently the Company is developing its internal engineering report in an effort to establish plans to drill an offset well on the Oakdale NE acreage. This prospect was identified from geologic and historic well information provided, in part, by the state of Illinois State Geological Survey (ISGS) .
The Oakdale NE Prospect is sitting to the northeast and on strike with the Oakdale North Field which is situated in an area of structural flattening of regional dip. Numerous fields, most being stratigraphic traps, produce around the Oakdale NE area. The stratigraphic setting at Oakdale North may be repeated under our prospect acreage. According to the ISGS, the original Oakdale North Field produced 761,000 barrels of oil.
The Oakdale NE Prospect is a part of a broader effort by the Company to create an exploration and development program with a mix of risk profiles, ranging from waterflood recovery projects, lower risk offset wells, step-out wells, and pinnacle reef targets. This portfolio of prospects will provide Strategic American Oil a relatively low cost/high reward portfolio of drilling locations in the heart of the oil-rich Illinois Basin.President and CEO Jeremy Driver stated, "The Oakdale NE prospect was identified and leased in-house. We are now in a position to establish development plans that will allow us to secure working interest partners to move the prospects toward the drilling stage. Initial evaluation of surrounding well control for this prospect shows tremendous promise and we look forward to developing it to its full potential."
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