Strategic American Oil Corporation Identifies Additional Independent Oil Zone On Its Waterflood #1 Acreage In The Illinois Basin
CORPUS CHRISTI, Texas, Nov. 4, 2010 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA) (the "Company") is pleased to announce it has identified an additional oil zone on its Waterflood #1 (WF1) leased acreage in the Illinois Basin which the Company believes it can develop through primary recovery methods.
This primary production target zone is located at depths above 3,000 feet. The Company has leased approximately 500 acres over the WF1 in an effort to develop a waterflood recovery program to produce from a secondary oil zone identified through records made available by the Illinois State Geological Survey (ISGS). The Company will work to develop this new oil zone identified on its leased acreage through primary recovery efforts by drilling to evaluate the prospective subsurface geology.
Company President and CEO, Jeremy Driver, stated, "It is encouraging to find an additional oil zone through our research of the records made available to us through the ISGS. This independent oil zone located on our leased WF1 acreage, which we believe we can extract through primary recovery methods, adds that much more value to our leasing and development efforts. We are now moving forward with our next stage of exploration to develop our Illinois Basin land package."Illinois has historically produced over 3 billion barrels of oil and the ISGS records indicate another 4 billion recoverable barrels exist. The Strategic American Oil team in Illinois, lead by Chief Geologist Jim Thomas who has over 35 years experience working in the Illinois Basin, is continuing to make progress in finding and leasing new attractive targets, furthering our business model of developing prospects in-house to build the Company's oil reserves and increase production. The Company will continue to review and evaluate data from the Illinois State Geological Survey to identify new drilling prospects with the goal of making new oil field discoveries."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV