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."
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