We Have Been Hot….. Here is Our Next Idea
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SGCA’s operations are all within the borders of the U.S. This gives SGCA unequivocal security of its assets. Obama clearly stated in his energy plan that it is a priority to solve dependence on foreign oil, giving a huge advantage to companies like SGCA. Due to low oil prices over the past 11 months, there were acquisition bargains available and the Company took full advantage by aggressively leasing land positions in Illinois, Louisiana, and Texas.
SGCA acquired the exclusive rights to an oil and gas database containing approximately 40 years of oil and gas prospect information including well logs and related structure and isopach maps. This will improve the Company’s pipeline for future acquisitions. This data covers portions of South Texas, including areas where the company is currently reviewing and/or leasing 3D seismic prospects. Yesterday the company announced it has leased a 1,043 net acre (m/l) Frio Sand (gas) target in South Texas identified through its acquired through the database.
http://www.strategicamericanoil.com/news/index.php?&content_id=93
SGCA completed leasing 93% of the mineral interest in the 160 acre Dixon Lease located in the Delhi South Field, Franklin Parish, Louisiana. The balance of the Material Interest (-7%) is expected to be leased shortly. The Dixon lease contains two temporarily abandoned oil wells at approximately 3400 feet along with two possible offset drilling locations.
SGCA has leased additional acreage in the Illinois Basin. The Illinois State Geological Survey (ISGS) has estimated the Illinois Basin has the potential to recover approximately 4 billion barrels of oil. Total acres leased to date, including farmed out leases is approximately 3,472 acres.
SGCA has recently raised $3 million in two oversubscribed trenches with major institutional investors participating. SGCA is well capitalized to sufficiently pursue oil and gas targets in multiple states including Texas.
SGCA (Strategic American Oil) PROFILE:
SGCA is a natural resource exploration and production company, engages in the exploration, acquisition, and development of oil and gas properties in the United States. The company holds exploration properties in Texas, Louisiana, Oklahoma, and Illinois. As of July 31, 2009, it held interests in approximately 395 acres of gross developed and 14,297 acres of gross undeveloped land. The company was formerly known as Gulf States Energy, Inc. and changed its name to Strategic American Oil Corporation in September 2006. Strategic American Oil Corporation was founded in 2005 and is based in Corpus Christi, Texas.
Visit http://www.strategicamericanoil.com for more information.
Make sure you do your own homework on this one, but don’t wait too long!!!
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