CORPUS CHRISTI, Texas, May 4, 2010 (GLOBE NEWSWIRE) -- Strategic American Oil Corporation (OTCBB:SGCA) (the "Company") has made strides to further its goal of increasing production through various means to build its revenues and enhance shareholder value while it prepares for upcoming drilling operations. The Company has leased, reworked and purchased oil and gas projects at various stages of development in an effort to build revenues and reserves with a multi faceted approach, including the following:
- Executed the drilling contract for Koliba lease and booked the drill rig for May 15th
- Acquired the final 10% working interest in the two Barge Canal producing wells
- Leased a 1,043 net acre (m/l) Frio Sand (gas) target in South Texas identified through its acquired 303 sq. mile 3D seismic database
- Leased and reworked the Dixon #1 well to the point of production and currently preparing to rework the Dixon #2,
- Identified and began leasing second waterflood prospect in Illinois Basin
The Strategic American Oil Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6891Safe Harbor Statements Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect," "is expected," "anticipates" or "does not anticipate," "plans" "estimates" or "intends," or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
CONTACT: Strategic American Oil Corporation www.StrategicAmericanOil.com Suite 2015, 600 Leopard Street Corpus Christi, Texas 78473 Investor Awareness, Inc. Investor Relations Tony Schor James Foy 847-945-2222 www.InvestorAwareness.com