Strategic American Oil Corporation Begins Drilling Of Its Kenedy 3D Seismic Prospect
CORPUS CHRISTI, Texas, Nov. 30, 2010 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA) is pleased to announce that drilling operations have commenced on the Company's KMF 64-1 No. 1, 3D Seismic prospect in Kenedy County, South Texas. As previously announced, Chinn Exploration will be the operator of the project and has contracted with Coastal Drilling Company to drill the initial well to the primary Frio Sand target at approximately 13,800 feet. Should geologic conditions warrant, the well could be drilled to a total permitted depth of 18,000.
The KMF 64-1 No. 1 is located on a 1,043 acre oil & gas lease obtained from the Kenedy Memorial Foundation (Lessor) by Strategic American Oil in 2009. The prospective Frio Sands and anticlinal structure were identified in-house through detailed evaluation of 303 sq. miles of 3D seismic data. The Company's exploration team believes the multiple Frio sands identified in the seismic profile could contain substantial gas reserves. Additional drilling may be required to fully evaluate the leased area.
Bob Bennett, Strategic American Oil's contract seismic expert who has more than 20 economic oil and gas discoveries to his name, said of the prospect, "With more than two decades of experience exploring for oil and gas in South Texas with 3D seismic, I have never had the opportunity to discover or participate in a 4-way closure Frio structure such as this. These structures are usually cherry-picked by the major oil companies as drilling locations of choice. I believe this prospect has the potential to be a substantial new field discovery along this highly active trend."Strategic American Oil Corporation President and CEO Jeremy Driver stated, "We are very pleased that Chinn Exploration has quickly moved this prospect to the drilling phase. In the meantime, gas prices have moved over $4.00. The 3D seismic showings on this prospect are incredibly attractive and we are excited about the development of the first test well."
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